Indianapolis-Carmel, IN Fair Market Rent (FY2026)
Indianapolis-Carmel, IN HUD Metro FMR Area · IN · 9 counties · pop. 1,942,470 (2023)
The FY2026 Fair Market Rent for a 2-bedroom in Indianapolis-Carmel, IN is $1,473/month. Across bedroom sizes the HUD FMR runs from $1,118 (studio) to $2,338 (4-bedroom). That 2-bedroom figure is $498 above the US national median FMR of $975 — well above the national median FMR — and ranks #54 of 75 among the largest metros (1 = most expensive). FMR is the federal voucher rent standard, not the market median.
Source: HUD USER, FY2026 Fair Market Rents (40th percentile, revised final). Data as of June 2026.
Indianapolis-Carmel, IN FMR by bedroom size
| Unit size | Monthly FMR | ≈ Weekly | Annual |
|---|---|---|---|
| Studio / efficiency | $1,118 | $258 | $13,416 |
| 1-bedroom | $1,267 | $293 | $15,204 |
| 2-bedroom | $1,473 | $340 | $17,676 |
| 3-bedroom | $1,907 | $440 | $22,884 |
| 4-bedroom | $2,338 | $540 | $28,056 |
Source: HUD USER, FY2026 Fair Market Rents (40th percentile, revised final). Data as of June 2026.
Weekly and annual figures are simple conversions of the monthly FMR (÷4.33 and ×12). The monthly FMR is HUD's published value. Verify on huduser.gov.
What this FMR means
Fair Market Rent is HUD's estimate of the 40th-percentile gross rent — contract rent plus tenant-paid utilities — for a modest, non-luxury unit in Indianapolis-Carmel, IN. It is recalculated each fiscal year from American Community Survey rent data and a current-year inflation factor. Public housing agencies use the FMR to set Housing Choice Voucher (Section 8) payment standards, typically 90–110% of the FMR. A higher FMR means the program will cover a higher rent in this area; it does not mean landlords charge exactly this much.
Indianapolis-Carmel, IN vs its state and the US
| Benchmark | 2-bedroom FMR |
|---|---|
| Indianapolis-Carmel, IN | $1,473 |
| Indiana state median | $971 |
| US national median | $975 |
Indianapolis-Carmel, IN sits in Indiana, where the median area's 2-bedroom FMR is $971 and areas range from $956 to $1,473.
Metro areas with a similar FMR
The five areas closest to Indianapolis-Carmel, IN on the 2-bedroom FMR scale:
| Metro area | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| Indianapolis-Carmel, IN (this area) | $1,118 | $1,267 | $1,473 | $1,907 | $2,338 |
| Albuquerque, NM | $1,009 | $1,185 | $1,464 | $2,036 | $2,399 |
| Bakersfield-Delano, CA | $1,132 | $1,140 | $1,483 | $2,062 | $2,488 |
| Columbus, OH | $1,111 | $1,194 | $1,430 | $1,715 | $1,927 |
| San Antonio-New Braunfels, TX | $1,077 | $1,177 | $1,426 | $1,830 | $2,132 |
| Detroit-Warren-Livonia, MI | $1,009 | $1,122 | $1,411 | $1,724 | $1,868 |
Frequently asked questions
What is the FY2026 Fair Market Rent for a 2-bedroom in Indianapolis-Carmel, IN?
The FY2026 HUD Fair Market Rent for a two-bedroom unit in the Indianapolis-Carmel, IN HUD Metro FMR Area is $1,473 per month. FMR is the 40th-percentile gross rent (including utilities) HUD uses to set Housing Choice Voucher payment standards — it is not the local market median. Verify the current figure at huduser.gov.
What are the FMRs for other bedroom sizes in Indianapolis-Carmel, IN?
In FY2026 the FMRs are $1,118 (studio), $1,267 (1-bedroom), $1,473 (2-bedroom), $1,907 (3-bedroom) and $2,338 (4-bedroom) per month. Larger units have higher FMRs because they assume more bedrooms and occupants.
Is rent in Indianapolis-Carmel, IN high compared with the rest of the US?
Its 2-bedroom FMR of $1,473 is $498 above the national median FMR of $975 (+51%) — well above the national median FMR. Among the 75 largest metros it ranks #54 of 75 by 2-bedroom FMR (1 = most expensive).
Does the FMR mean my voucher will cover that much rent?
Not exactly. The local public housing agency (PHA) sets a "payment standard" usually between 90% and 110% of the FMR, and your subsidy is based on that standard minus roughly 30% of your adjusted income. The FMR is the benchmark, not a guaranteed amount — check with the PHA that serves Indianapolis-Carmel, IN.
Keep exploring
Source & accuracy
FY2026 Fair Market Rents, U.S. Dept. of Housing & Urban Development — HUD USER (public domain). FMR is the federal voucher rent standard, not the market median. Figures are a June 2026 snapshot of HUD's revised final FY2026 file; verify the current value on huduser.gov before relying on it.
Last updated: 2026-06-20