46324 Hammond, IN Fair Market Rent

What the FMR for ZIP 46324 actually means

HUD publishes Small Area Fair Market Rents at the ZIP code level for designated metros. ZIP 46324 (Hammond, IN) is covered by Gary, IN HUD Metro FMR Area, so FY 2026 figures here are ZIP-specific: $1,110 for a 1-bedroom, studio $980, 2-bedroom $1,350, 3-bedroom $1,650, and 4-bedroom $1,790. These are 40th-percentile gross rents (utilities except telephone), not live asking rents. Housing Choice Voucher payment standards are typically set between 90% and 110% of the applicable FMR/SAFMR.

Because this page uses SAFMR, nearby ZIPs in Lake can show different bedroom figures. Against the national benchmark the 1-bedroom SAFMR here is 16% above the US average of $959, and 26% above the IN state average of $882.

For budgeting, the 30% affordability rule says rent should not exceed 30% of gross household income. At the FY 2026 1-bedroom FMR of $1,110, that implies a household income of $44,400 per year (about $3,700/month) to avoid being cost-burdened, a 2-bedroom at $1,350 lifts that threshold higher still. ZIP 46324 has a population of 23,165 residents, so the gap between these FMR figures and local wages shapes how many households qualify as rent-burdened (paying more than 30% of income) or severely burdened (above 50%).