Metro FMR · CBSA 26900 · HUD FY2026

Indianapolis-Carmel, IN HUD Metro FMR Area Fair Market Rent

HUD's FY2026 Fair Market Rent for the Indianapolis-Carmel, IN HUD Metro FMR Area metro area - 32% above the US average.

$1,267
1-bedroom FMR
$1,473
2-bedroom FMR
+15.5%
YoY change
+32%
vs US avg

The verdict

A 2-bedroom in the Indianapolis-Carmel, IN HUD Metro FMR Area area rents at $1,473 under HUD's FY2026 Fair Market Rent - 25% above the US average, higher than 67% of the 387 metro areas HUD tracks.

#128
priciest of 387 US metros (2BR)
+25%
vs the US 2-bedroom average
$58,920
income to afford it (30% rule)
+15.5%
1BR change, FY2025→2026

Affordability & income context

Indianapolis-Carmel: #128 priciest nationally · income context

At the metro's ACS median household income of $77,065, this 1-bedroom FMR takes 19.7% of annual income. It is well below the 30% affordability guide for a median-income household.

The 2-bedroom figure places Indianapolis-Carmel in the middle half of HUD metro areas, using the same FY2026 HUD schedule as the national comparison.

With 2,088,343 residents, this is a large metro benchmark rather than a single-neighborhood rent quote.

Population has held roughly steady over the past five years (+4.9%, Census ACS).

The ACS rental vacancy rate here is 5.7%, close to the range where market rents and HUD's FMR benchmark tend to track each other.

The Census ACS median gross rent across all rental units here is $1,142/month - the FY2026 HUD two-bedroom FMR of $1,473 runs 29.0% above that all-unit-types median. The two figures measure different things (ACS covers every rented unit; FMR targets a specific bedroom count), so a gap is expected, not an error.

Its 2-bedroom FMR sits in the middle half of HUD metro areas, so the local-income comparison is more informative than the national rank alone.

The studio-through-two-bedroom FMR bands stay below 30% of recorded median income here; the larger-bedroom rows show where that headroom narrows.

Observed renter burden: 45.4% of the 276,818 renter households counted by ACS paid at least 30% of income in gross rent. This ACS 2023 household measure is distinct from the FY2026 HUD FMR benchmark.

ACS median household income lags the FY2026 HUD FMR schedule. The income share is a same-metro cross-source read (Census ACS B19013 vs HUD FMR), not a same-vintage ratio.

Studio

$1,118/mo

17.4% of median income

1 Bedroom

$1,267/mo

19.7% of median income

2 Bedroom

$1,473/mo

22.9% of median income

3 Bedroom

$1,907/mo

29.7% of median income

4 Bedroom

$2,338/mo

36.4% of median income

FMR filing desk

CBSA CBSA·26900

Indianapolis-Carmel: $1,267/mo 1BR · #128 of 387 metros (2BR) · FY2026 CBSA 26900

  • CBSA 26900
  • 1BR-FMR $1,267
  • 2BR-FMR $1,473
  • RANK-MID #128
  • YOY-SURGE +15.5%
  • VSUS-HIGH +32%
  • IN-ST-HIGH #12 IN
  • INC-ROOM 20%
  • POP-MEGA 2.1M
  • PHOTO-NEAR Bloomington
  • VOUCH-90-110 $1,140–$1,394
  • FY-2026 FY2026

Photo-finish peer: Bloomington ($195 1BR gap)

Read with: Understanding rent burden

Where Indianapolis-Carmel sits among every US metro

2-bedroom Fair Market Rent vs. all 387 HUD metro areas

$1,473 Top 33% higher than 67% of 387 metro areas

$800–$1,000: 28 metro areas (7%). Below this entry. $1,000–$1,200: 114 metro areas (29%). Below this entry. $1,200–$1,400: 95 metro areas (25%). Below this entry. $1,400–$1,600: 52 metro areas (13%). This entry sits in this band. $1,600–$1,800: 41 metro areas (11%). Above this entry. $1,800–$2,000: 26 metro areas (7%). Above this entry. $2,000–$2,200: 9 metro areas (2%). Above this entry. $2,200–$2,400: 5 metro areas (1%). Above this entry. $2,400–$2,600: 5 metro areas (1%). Above this entry. $2,600–$2,800: 5 metro areas (1%). Above this entry. $2,800–$3,000: 4 metro areas (1%). Above this entry. $3,000–$3,200: 2 metro areas (1%). Above this entry. $3,200–$3,400: 0 metro areas (0%). Above this entry. $3,400–$3,600: 0 metro areas (0%). Above this entry. $3,600–$3,800: 0 metro areas (0%). Above this entry. $3,800–$4,000: 0 metro areas (0%). Above this entry. $4,000–$4,200: 0 metro areas (0%). Above this entry. $4,200–$4,400: 1 metro areas (0%). Above this entry. This metro $800 $4,400 every US metro, bucketed by value

Each bar is a $0.2K-wide band; taller bars hold more metro areas. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.

What this shows #128 of 387 HUD-tracked metro areas, 25% above the national 2-bedroom average. 51 other metro areas fall in this same rent band.

Source U.S. Department of Housing and Urban Development, Fair Market Rents · FY2026

CBSA 26900

Counties inside Indianapolis-Carmel

HUD publishes one metro-wide FMR for CBSA 26900, but county-level schedules inside Indianapolis-Carmel still diverge: 11 counties range from $1,109 (2BR in Tipton) to $1,473 (Marion), a 33% spread. Marion is the largest county by population.

Marion County 2BR $1,473 · 972K Hamilton County 2BR $1,473 · 350K Hendricks County 2BR $1,473 · 176K Johnson County 2BR $1,473 · 162K Madison County 2BR $1,206 · 131K Hancock County 2BR $1,473 · 80K

Showing the 6 largest of 11 HUD counties in this CBSA. County pages carry filing-level FMR detail.

Indianapolis-Carmel studio–4BR schedule (FY2026) · 2BR #128 nationally

1BR $1,267 (+32% vs US, +15.5% YoY). Each bedroom band below is FY2026 HUD FMR for CBSA 26900.

Studio
$1,118
US avg $893
↑17.1% YoY +25% vs US
1 Bedroom
$1,267
US avg $959
↑15.5% YoY +32% vs US
2 Bedroom
$1,473
US avg $1,175
↑14.8% YoY +25% vs US
3 Bedroom
$1,907
US avg $1,525
↑14.3% YoY +25% vs US
4 Bedroom
$2,338
US avg $1,756
↑15.3% YoY +33% vs US

How Indianapolis-Carmel compares on 1-bedroom rent

1-bedroom FMR vs other IN metro areas

1BR FMR / mo

What this shows Indianapolis-Carmel highlighted among 5 peers · FY2026 1BR HUD FMR.

Source U.S. Department of Housing and Urban Development (HUD) As of FY2026

Indianapolis-Carmel: out-of-state FMR & burden peers

PlainRent pairs Indianapolis-Carmel with the 4 nearest HUD 2BR schedules and 4 nearest burden matches outside IN (burden peers exclude the FMR set; pop ≥50k).

2BR FMR · outside IN

Nearest schedules by 2BR delta (FY2026).

Visalia
CA · 2 BR $1,474/mo
Knoxville
TN · 2 BR $1,471/mo
Pensacola-Ferry Pass-Brent
FL · 2 BR $1,471/mo
Punta Gorda
FL · 2 BR $1,470/mo

Burden % · outside IN

Nearest 2BR FMR ÷ ACS median income (FY2026).

Winchester
VA · 22.9% of income · 2 BR $1,573/mo
Baltimore-Columbia-Towson
MD · 22.9% of income · 2 BR $1,857/mo
Saginaw
MI · 23% of income · 2 BR $1,117/mo
Rome
GA · 22.9% of income · 2 BR $1,192/mo

Indianapolis-Carmel: quick answers

What is the average rent in the Indianapolis-Carmel, IN HUD Metro FMR Area metro area? ▼
The FY 2026 Fair Market Rent for a 1-bedroom in Indianapolis-Carmel, IN HUD Metro FMR Area is $1,267 per month. A 2-bedroom is $1,473 and a studio is $1,118.
How does Indianapolis-Carmel, IN HUD Metro FMR Area rent compare to the national average? ▼
Rent in the Indianapolis-Carmel, IN HUD Metro FMR Area metro area is 32% above the national average. A 1-bedroom costs $1,267 compared to $959 nationally.
Where does Indianapolis-Carmel rank nationally for Fair Market Rent? ▼
HUD's FY 2026 2-bedroom FMR of $1,473 ranks #128 most expensive among 387 US metro areas (the middle half of HUD metro areas).
Do county rents differ inside the Indianapolis-Carmel metro area? ▼
Yes. HUD assigns one metro-wide FMR for CBSA 26900, but 11 constituent counties publish their own county FMR schedules spanning $1,109–$1,473 for a 2-bedroom (33% spread). Use county pages for filing at the county level.
Is Indianapolis-Carmel's population growing, and how tight is its rental market? ▼
Population has held roughly steady over the past five years (+4.9%, Census ACS). The ACS rental vacancy rate here is 5.7%, close to the range where market rents and HUD's FMR benchmark tend to track each other.

Compare Indianapolis-Carmel vs Bloomington →

What this means for renters

Treat Indianapolis-Carmel's FY2026 Fair Market Rent as HUD's affordability benchmark, not a single market quote.

  • Budget to roughly 30% of income: the FY2026 1-bedroom FMR of $1,267 implies about $50,680/yr to rent without being cost-burdened. Run your numbers
  • See how Indianapolis-Carmel stacks up against a comparable metro before assuming this figure applies elsewhere. Compare vs Bloomington
  • See where Indianapolis-Carmel ranks nationally on rent. National rankings

Fair Market Rent is HUD's 40th-percentile policy benchmark used to set Housing Choice Voucher payment standards. This is a metro-wide figure across 11 counties; actual asking rents in any specific county can run higher or lower, and HUD updates FMRs once a year. This site is informational and not financial or relocation advice.

Data as of FY 2026. Source: U.S. Department of Housing and Urban Development (HUD) Fair Market Rents. Population and demographic data from U.S. Census Bureau American Community Survey (ACS).

Read our methodology - how this data is sourced, computed, and verified.

FY 2026 HUD FMR $1,267/mo · 1BR IN

Every figure on PlainRent is rendered directly from HUD's published Fair Market Rent records, no number is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error. Data current as of FY 2026.