FY2027 Small Area FMR · Richmond, IN

ZIP 47375 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47375 (Richmond, IN) is $1,010 a month, up 5.2% from FY2026. That is 0% equal to the Wayne County, IN area-wide FMR of $1,014.

2-bedroom SAFMR$1,010per month ▲ 5.2%

Area-wide 2 BR FMR$1,014Wayne County, IN

Rank in the area13thof 21 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$909

2 BR Small Area FMR$1,010

110% of SAFMR$1,111

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$770▲ 5.5%

1 BR$780▲ 6.8%

2 BR$1,010▲ 5.2%

3 BR$1,290▲ 7.5%

4 BR$1,340▲ 5.5%

FY2027 FY2026

Where 47375 sits in the Wayne County, IN area

Of the 21 ZIP codes HUD lists for the area, 47375 has the 13th highest two-bedroom Small Area FMR. Wayne County, IN is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,014 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,010 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$770	$693 – $847	$770	$730
1 bedroom	$780	$702 – $858	$775	$730
2 bedrooms	$1,010	$909 – $1,111	$1,014	$960
3 bedrooms	$1,290	$1,161 – $1,419	$1,281	$1,200
4 bedrooms	$1,340	$1,206 – $1,474	$1,333	$1,270

A household renting a two-bedroom home at the Small Area FMR of $1,010 needs about $40,400 a year to keep housing costs at 30% of income. The area median family income is $70,300 and the 80% low-income limit for four people is $67,850. ZIP code 47375 lies mainly in Wayne County. See the Wayne County, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
47374	Richmond	0.2 mi	$1,030
47392	Webster	6.2 mi	$1,300
47324	Boston	6.4 mi	$1,090
47330	Centerville	7.6 mi	$1,060
45347	New Paris	8.3 mi	$1,000
47341	Fountain City	9.9 mi	$1,010

Questions

What is the Fair Market Rent for ZIP code 47375?

HUD's FY2027 Small Area Fair Market Rents for 47375 are $770 (studio), $780 (1 BR), $1,010 (2 BR), $1,290 (3 BR) and $1,340 (4 BR) a month.

What is the Section 8 payment standard in 47375?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47375 that range is $909 to $1,111 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 47375?

The FY2026 income limits of the Wayne County, IN area apply: median family income $70,300, low-income (80%) limit $67,850 for a family of four.