Boone County, IN: Fair Market Rent 2027 and Income Limits

Official HUD figures for landlords and renters, effective October 1, 2026 (rents) and May 1, 2026 (income limits).

$1,5362-bedroom FMR, FY2027
$1,3361-bedroom FMR, FY2027
$88,25080% income limit, family of 4 (FY2026)
$110,300Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Boone County is $1,536 a month, up 4.3% from $1,473 in FY2026. Boone County belongs to the Indianapolis-Carmel, IN HUD Metro FMR Area FMR area, so the same figures apply across that area. FMRs are gross rents: rent plus all tenant-paid utilities except phone, cable and internet.

Fair market rent in Boone County by bedroom count

Unit sizeFY2027 FMRFY2026 FMRChangePayment standard range (90–110%)
Studio$1,187$1,118+6.2%$1,069 – $1,305
1 bedroom$1,336$1,267+5.4%$1,203 – $1,469
2 bedrooms$1,536$1,473+4.3%$1,383 – $1,689
3 bedrooms$1,991$1,907+4.4%$1,792 – $2,190
4 bedrooms$2,425$2,338+3.7%$2,183 – $2,667

Source: HUD Fair Market Rents FY2027 (effective October 1, 2026) and FY2026 (revised file), details.

What can a landlord charge a Section 8 tenant here?

The FMR is not a cap on what you can ask on the open market. For a Housing Choice Voucher tenant, the local housing authority sets a payment standard, normally between 90% and 110% of the FMR (or of the ZIP-level Small Area FMR where those apply). For a two-bedroom unit in Boone County that is typically $1,383 to $1,689 including utilities. You can charge more than the payment standard if the rent passes the housing authority's rent-reasonableness test and, at move-in, the tenant's share stays within 40% of their adjusted monthly income. Ask the housing authority for its current payment standard schedule.

Can local renters afford the fair market rent?

$59,906median income of renter households
$1,359Median gross rent, all units
27%Rent-to-income ratio (median rent ÷ median renter income)
40%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $59,906 can afford about $1,498 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,536 is $38 (2.6%) more than that. To rent a two-bedroom at the FMR, a household needs $61,440 a year under the 30% rule, or $55,296 under the common landlord rule that income must be three times the rent.

Boone County, ACS 2020–2024Estimate ± MOE
Median gross rent (rent + utilities)$1,359 ±$106
Median income of renter households$59,906 ±$9,934
Renters paying 30% or more of income (cost-burdened)39.9% ±6.3
Renters paying 50% or more (severely cost-burdened)16.1% ±4.7
Renter households (where the share can be computed)5,742

Change since 2015–2019

ACS 2015–2019ACS 2020–2024Change
Median gross rent$1,011$1,359+34.4%
Median renter household income$46,346$59,906+29.3%
Renters paying 30%+ of income41.3%39.9%−1.4 pts

Rent-to-income calculator: does an applicant qualify? → · Most affordable counties to rent in this state →

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates 2020–2024 and 2015–2019 (tables B25064, B25119, B25070). ± = margin of error at 90% confidence. Dollar figures are not adjusted for inflation.

Small Area FMRs by ZIP code (FY2027)

In metro areas HUD also publishes ZIP-level Small Area Fair Market Rents. Housing authorities in designated areas must use them for voucher payment standards; others may opt in. Here the two-bedroom SAFMR ranges from $1,010 to $2,300 depending on the ZIP code.

All 136 ZIP codes in this FMR area
ZIP0 BR1 BR2 BR3 BR4 BR
46030$980$1,100$1,270$1,650$2,000
46031$1,130$1,240$1,470$1,870$2,240
46032$1,650$1,860$2,140$2,770$3,380
46033$1,670$1,880$2,160$2,800$3,410
46034$1,090$1,230$1,410$1,830$2,230
46035$890$900$1,120$1,480$1,560
46036$910$920$1,200$1,570$1,580
46037$1,560$1,760$2,020$2,620$3,190
46038$1,540$1,730$1,990$2,580$3,140
46040$1,250$1,410$1,620$2,110$2,550
46041$830$850$1,040$1,380$1,560
46049$900$1,060$1,240$1,620$1,950
46050$910$940$1,150$1,520$1,600
46052$990$1,110$1,280$1,660$2,020
46055$1,620$1,820$2,090$2,710$3,300
46056$1,120$1,120$1,470$1,920$1,940
46060$1,280$1,440$1,660$2,150$2,620
46061$1,520$1,700$1,960$2,540$3,090
46062$1,450$1,630$1,870$2,420$2,950
46064$1,190$1,200$1,570$2,050$2,070
46069$860$970$1,120$1,450$1,760
46071$990$1,110$1,280$1,660$2,020
46072$930$1,060$1,240$1,620$1,950
46074$1,640$1,840$2,120$2,750$3,350
46075$1,780$2,000$2,300$2,980$3,630
46077$1,720$1,940$2,230$2,890$3,520
46082$1,520$1,700$1,960$2,540$3,090
46102$1,070$1,200$1,380$1,790$2,180
46103$1,040$1,170$1,340$1,740$2,120
46106$1,580$1,770$2,040$2,640$3,220
46107$1,100$1,230$1,420$1,840$2,240
46110$920$1,030$1,190$1,540$1,880
46111$1,070$1,210$1,380$1,790$2,180
46112$1,420$1,600$1,840$2,390$2,900
46113$1,440$1,620$1,860$2,410$2,940
46115$760$850$1,010$1,300$1,560
46117$950$1,020$1,230$1,530$1,780
46118$940$1,060$1,220$1,580$1,930
46120$760$870$1,010$1,400$1,670
46121$1,120$1,280$1,480$1,990$2,390
46122$1,160$1,300$1,500$1,940$2,370
46123$1,480$1,660$1,910$2,480$3,010
46124$850$940$1,080$1,380$1,680
46125$1,000$1,130$1,300$1,680$2,050
46126$800$900$1,040$1,350$1,640
46130$990$1,110$1,280$1,660$2,020
46131$1,160$1,300$1,500$1,940$2,370
46140$1,100$1,240$1,430$1,850$2,260
46142$1,120$1,260$1,450$1,880$2,290
46143$1,450$1,630$1,870$2,420$2,950
46144$1,030$1,160$1,340$1,730$2,100
46147$990$1,110$1,280$1,660$2,020
46148$870$880$1,110$1,320$1,560
46149$1,170$1,310$1,510$1,960$2,380
46150$980$1,070$1,280$1,620$1,900
46151$1,000$1,130$1,300$1,680$2,050
46154$1,100$1,240$1,430$1,850$2,260
46157$830$940$1,080$1,400$1,700
46158$1,070$1,210$1,390$1,800$2,190
46160$900$1,010$1,160$1,500$1,830
46161$1,030$1,160$1,340$1,730$2,100
46162$1,190$1,340$1,540$1,990$2,430
46163$1,110$1,240$1,430$1,850$2,260
46164$880$990$1,140$1,480$1,800
46165$1,590$1,790$2,070$2,700$3,280
46166$1,000$1,120$1,280$1,650$2,030
46167$1,090$1,230$1,410$1,830$2,230
46168$1,350$1,510$1,740$2,260$2,750
46176$990$1,110$1,280$1,660$2,020
46180$970$1,100$1,270$1,670$2,020
46181$1,090$1,230$1,410$1,830$2,230
46182$1,570$1,760$2,030$2,630$3,200
46183$1,260$1,420$1,630$2,110$2,570
46184$1,760$1,980$2,280$2,960$3,600
46186$1,080$1,140$1,410$1,810$2,020
46201$1,010$1,140$1,310$1,700$2,070
46202$1,530$1,720$1,980$2,570$3,130
46203$1,070$1,200$1,380$1,790$2,180
46204$1,720$1,930$2,220$2,880$3,500
46205$1,230$1,380$1,590$2,060$2,510
46206$1,140$1,280$1,470$1,910$2,320
46208$1,080$1,220$1,400$1,810$2,210
46214$1,110$1,250$1,440$1,870$2,270
46216$1,310$1,480$1,700$2,200$2,680
46217$1,380$1,560$1,790$2,320$2,830
46218$1,030$1,160$1,330$1,720$2,100
46219$1,100$1,230$1,420$1,840$2,240
46220$1,380$1,560$1,790$2,320$2,830
46221$1,140$1,290$1,480$1,920$2,340
46222$1,100$1,230$1,420$1,840$2,240
46224$1,140$1,280$1,470$1,910$2,320
46225$1,100$1,230$1,420$1,840$2,240
46226$1,110$1,250$1,440$1,870$2,270
46227$1,060$1,190$1,370$1,780$2,160
46228$1,410$1,590$1,830$2,370$2,890
46229$1,040$1,170$1,350$1,750$2,130
46230$1,140$1,280$1,470$1,910$2,320
46231$1,530$1,720$1,980$2,570$3,130
46234$1,430$1,610$1,850$2,400$2,920
46235$1,010$1,140$1,310$1,700$2,070
46236$1,780$2,000$2,300$2,980$3,630
46237$1,340$1,500$1,730$2,240$2,730
46239$1,380$1,560$1,790$2,320$2,830
46240$1,410$1,580$1,820$2,360$2,870
46241$1,140$1,290$1,480$1,920$2,340
46242$1,140$1,280$1,470$1,910$2,320
46244$1,140$1,280$1,470$1,910$2,320
46247$1,140$1,280$1,470$1,910$2,320
46250$1,310$1,470$1,690$2,190$2,670
46251$1,140$1,280$1,470$1,910$2,320
46253$1,140$1,280$1,470$1,910$2,320
46254$1,060$1,190$1,370$1,780$2,160
46256$1,160$1,300$1,500$1,940$2,370
46259$1,230$1,380$1,590$2,060$2,510
46260$1,210$1,360$1,560$2,020$2,460
46262$1,140$1,280$1,470$1,910$2,320
46268$1,210$1,370$1,570$2,040$2,480
46278$1,780$2,000$2,300$2,980$3,630
46280$1,690$1,900$2,180$2,830$3,440
46282$1,140$1,280$1,470$1,910$2,320
46290$1,500$1,690$1,940$2,510$3,060
47201$1,320$1,330$1,560$1,860$2,230
47234$1,120$1,210$1,410$1,760$2,120
47235$780$850$1,010$1,310$1,560
47240$840$860$1,120$1,340$1,560
47272$890$950$1,180$1,450$1,670
47274$870$880$1,150$1,460$1,560
47384$900$940$1,140$1,410$1,620
47401$1,030$1,130$1,290$1,650$1,990
47433$810$910$1,010$1,300$1,600
47435$990$1,110$1,280$1,650$2,010
47448$1,000$1,120$1,290$1,670$2,030
47456$850$960$1,100$1,440$1,760
47468$990$1,100$1,260$1,620$1,970
47933$890$950$1,110$1,450$1,750
47968$1,060$1,080$1,250$1,620$1,780

Source: HUD FY2027 Small Area FMRs (effective October 1, 2026).

HUD income limits for Boone County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $110,300 (FY2025: $110,700, −0.4%). Small figures under each limit show the change from FY2025.

Household size1 person2 people3 people4 people5 people6 people7 people8 people
Extremely low income (30%)$23,200
−0.2%		$26,500
−0.4%		$29,800
−0.3%		$33,100
−0.3%		$38,680
+2.7%		$44,360
+2.8%		$50,040
+2.9%		$55,720
+2.9%
Very low income (50%)$38,650
−0.3%		$44,150
−0.3%		$49,650
−0.4%		$55,150
−0.4%		$59,600
−0.3%		$64,000
−0.4%		$68,400
−0.4%		$72,800
−0.4%
Low income (80%)$61,800
−0.3%		$70,600
−0.4%		$79,450
−0.3%		$88,250
−0.3%		$95,350
−0.3%		$102,400
−0.3%		$109,450
−0.4%		$116,500
−0.3%

The 30% limit is HUD's “extremely low income” limit: the higher of 30% of median income or the federal poverty guideline, but never above the 50% limit. That is why it can rise faster than 30% of median for larger households. Tax-credit (LIHTC) properties use separate Multifamily Tax Subsidy Project limits.

Source: HUD Section 8 Income Limits FY2026 (effective May 1, 2026) and FY2025, details.

Other counties in Indiana