FY2027 Small Area FMR · Freedom, IN

ZIP 47431 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47431 (Freedom, IN) is $1,010 a month, up 5.2% from FY2026. That is 0% equal to the Owen County, IN area-wide FMR of $1,014.

2-bedroom SAFMR$1,010per month ▲ 5.2%

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

Rank in the area9thof 15 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$810▲ 6.6%

1 BR$880▲ 12.8%

2 BR$1,010▲ 5.2%

3 BR$1,250▲ 6.8%

4 BR$1,590▲ 8.9%

FY2027 FY2026

Where 47431 sits in the Owen County, IN area

Of the 15 ZIP codes HUD lists for the area, 47431 has the 9th highest two-bedroom Small Area FMR. Owen 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	$810	$729 – $891	$818	$760
1 bedroom	$880	$792 – $968	$914	$780
2 bedrooms	$1,010	$909 – $1,111	$1,014	$960
3 bedrooms	$1,250	$1,125 – $1,375	$1,244	$1,170
4 bedrooms	$1,590	$1,431 – $1,749	$1,606	$1,460

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 $84,000 and the 80% low-income limit for four people is $67,850. ZIP code 47431 lies mainly in Owen County. See the Owen County, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
47427	Coal City	6.1 mi	$1,010
47455	Patricksburg	6.2 mi	$1,010
47460	Spencer	6.8 mi	$1,090
47471	Worthington	8.5 mi	$1,010
47833	Bowling Green	9.3 mi	$1,060
47841	Clay City	11.6 mi	$1,010

Questions

What is the Fair Market Rent for ZIP code 47431?

HUD's FY2027 Small Area Fair Market Rents for 47431 are $810 (studio), $880 (1 BR), $1,010 (2 BR), $1,250 (3 BR) and $1,590 (4 BR) a month.

What is the Section 8 payment standard in 47431?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47431 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 47431?

The FY2026 income limits of the Owen County, IN area apply: median family income $84,000, low-income (80%) limit $67,850 for a family of four.