Franklin 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).

$1,1482-bedroom FMR, FY2027

$9501-bedroom FMR, FY2027

$77,90080% income limit, family of 4 (FY2026)

$97,400Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Franklin County is $1,148 a month, up 2.8% from $1,117 in FY2026. Franklin County belongs to the Franklin County, 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 Franklin County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$841	$796	+5.7%	$757 – $925
1 bedroom	$950	$861	+10.3%	$855 – $1,045
2 bedrooms	$1,148	$1,117	+2.8%	$1,034 – $1,262
3 bedrooms	$1,503	$1,473	+2.0%	$1,353 – $1,653
4 bedrooms	$1,509	$1,479	+2.0%	$1,359 – $1,659

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 Franklin County that is typically $1,034 to $1,262 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?

$47,747median income of renter households

$870Median gross rent, all units

22%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 $47,747 can afford about $1,194 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,148 is $46 (3.8%) less than that. To rent a two-bedroom at the FMR, a household needs $45,920 a year under the 30% rule, or $41,328 under the common landlord rule that income must be three times the rent.

Franklin County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$870 ±$78
Median income of renter households	$47,747 ±$9,783
Renters paying 30% or more of income (cost-burdened)	40.3% ±5.9
Renters paying 50% or more (severely cost-burdened)	26.1% ±7.3
Renter households (where the share can be computed)	1,354

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$676	$870	+28.7%
Median renter household income	$32,617	$47,747	+46.4%
Renters paying 30%+ of income	34.5%	40.3%	+5.8 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 $1,320 depending on the ZIP code.

All 15 ZIP codes in this FMR area

ZIP	0 BR	1 BR	2 BR	3 BR	4 BR
46173	$780	$810	$1,040	$1,330	$1,370
47003	$760	$780	$1,010	$1,330	$1,360
47006	$820	$870	$1,110	$1,440	$1,450
47010	$830	$890	$1,120	$1,440	$1,540
47012	$780	$880	$1,070	$1,400	$1,420
47016	$740	$840	$1,010	$1,340	$1,340
47024	$970	$1,090	$1,320	$1,730	$1,730
47030	$870	$970	$1,180	$1,550	$1,560
47035	$900	$980	$1,230	$1,620	$1,760
47036	$860	$980	$1,180	$1,540	$1,550
47041	$860	$910	$1,170	$1,530	$1,640
47060	$930	$1,010	$1,270	$1,670	$1,830
47240	$840	$860	$1,120	$1,340	$1,560
47331	$720	$840	$1,010	$1,330	$1,360
47353	$760	$780	$1,020	$1,330	$1,370

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

HUD income limits for Franklin County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $97,400 (FY2025: $98,100, −0.7%). Small figures under each limit show the change from FY2025.

Household size	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
Extremely low income (30%)	$20,450 −0.5%	$23,400 −0.2%	$27,320 +2.5%	$33,000 +2.6%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$34,100 −0.1%	$39,000 −0.1%	$43,850 −0.2%	$48,700 −0.2%	$52,600 −0.3%	$56,500 −0.3%	$60,400 −0.2%	$64,300 −0.2%
Low income (80%)	$54,550 −0.3%	$62,350 −0.2%	$70,150 −0.2%	$77,900 −0.3%	$84,150 −0.2%	$90,400 −0.2%	$96,600 −0.3%	$102,850 −0.2%

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.