FY2027 Small Area FMR · Sulphur Springs, IN

ZIP 47388 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47388 (Sulphur Springs, IN) is $1,190 a month, up 7.2% from FY2026. That is 17% above the Henry County, IN area-wide FMR of $1,014.

2-bedroom SAFMR$1,190per month ▲ 7.2%

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

Rank in the area10thof 23 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,071

2 BR Small Area FMR$1,190

110% of SAFMR$1,309

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

Studio$940▲ 5.6%

1 BR$950▲ 5.6%

2 BR$1,190▲ 7.2%

3 BR$1,420▲ 6.8%

4 BR$1,560▲ 6.1%

FY2027 FY2026

Where 47388 sits in the Henry County, IN area

Of the 23 ZIP codes HUD lists for the area, 47388 has the 10th highest two-bedroom Small Area FMR. Henry 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 $1,190 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	$940	$846 – $1,034	$805	$890
1 bedroom	$950	$855 – $1,045	$810	$900
2 bedrooms	$1,190	$1,071 – $1,309	$1,014	$1,110
3 bedrooms	$1,420	$1,278 – $1,562	$1,208	$1,330
4 bedrooms	$1,560	$1,404 – $1,716	$1,333	$1,470

A household renting a two-bedroom home at the Small Area FMR of $1,190 needs about $47,600 a year to keep housing costs at 30% of income. The area median family income is $81,300 and the 80% low-income limit for four people is $67,850. ZIP code 47388 lies mainly in Henry County. See the Henry County, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
47361	Mount Summit	3.1 mi	$1,130
47356	Middletown	3.8 mi	$1,090
47386	Springport	4.6 mi	$1,070
47367	Oakville	6.1 mi	$1,110
47362	New Castle	6.5 mi	$1,010
47351	Kennard	8.0 mi	$1,290

Questions

What is the Fair Market Rent for ZIP code 47388?

HUD's FY2027 Small Area Fair Market Rents for 47388 are $940 (studio), $950 (1 BR), $1,190 (2 BR), $1,420 (3 BR) and $1,560 (4 BR) a month.

What is the Section 8 payment standard in 47388?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47388 that range is $1,071 to $1,309 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 47388?

The FY2026 income limits of the Henry County, IN area apply: median family income $81,300, low-income (80%) limit $67,850 for a family of four.