FY2027 Small Area FMR · Romney, IN
ZIP 47981 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47981 (Romney, IN) is $1,250 a month, up 6.8% from FY2026. That is 2% below the Lafayette-West Lafayette, IN area-wide FMR of $1,273.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 47981 sits in the Lafayette-West Lafayette, IN area
Of the 34 ZIP codes HUD lists for the area, 47981 has the 11th highest two-bedroom Small Area FMR. Lafayette-West Lafayette, 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 $1,273 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,250 for this ZIP code instead.
ZIP code 47981 crosses more than one HUD area. HUD also lists it under Montgomery County, IN (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $960 | $864 – $1,056 | $942 | $870 |
| 1 bedroom | $1,060 | $954 – $1,166 | $1,070 | $980 |
| 2 bedrooms | $1,250 | $1,125 – $1,375 | $1,273 | $1,170 |
| 3 bedrooms | $1,530 | $1,377 – $1,683 | $1,517 | $1,440 |
| 4 bedrooms | $2,010 | $1,809 – $2,211 | $2,128 | $1,830 |
A household renting a two-bedroom home at the Small Area FMR of $1,250 needs about $50,000 a year to keep housing costs at 30% of income. The area median family income is $100,000 and the 80% low-income limit for four people is $79,700. ZIP code 47981 lies mainly in Tippecanoe County and Montgomery County. See the Lafayette-West Lafayette, IN metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 47981?
HUD's FY2027 Small Area Fair Market Rents for 47981 are $960 (studio), $1,060 (1 BR), $1,250 (2 BR), $1,530 (3 BR) and $2,010 (4 BR) a month.
What is the Section 8 payment standard in 47981?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47981 that range is $1,125 to $1,375 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 47981?
The FY2026 income limits of the Lafayette-West Lafayette, IN area apply: median family income $100,000, low-income (80%) limit $79,700 for a family of four.