Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,473$17,676 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Boone County, IN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Boone County, IN
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $1,118 | $13,416 | $44,720 | $21.50/hr |
| 1-Bedroom Apartment | $1,267 | $15,204 | $50,680 | $24.37/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,473 | $17,676 | $58,920 | $28.33/hr |
| 3-Bedroom Home | $1,907 | $22,884 | $76,280 | $36.67/hr |
| 4-Bedroom Home | $2,338 | $28,056 | $93,520 | $44.96/hr |
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Frequently Asked Questions About Rent in Boone County, IN
What is the Fair Market Rent for a 2-bedroom in Boone County, IN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Boone County, IN is $1,473 per month ($17,676 per year).
What hourly wage is needed to afford rent in Boone County, IN?
To comfortably afford a 2-bedroom apartment at $1,473/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $28.33 per hour ($58,920/year).
What are the HUD Fair Market Rents by bedroom count in Boone County, IN?
Official 2026 HUD rents in Boone County, IN are: Studio: $1,118/mo, 1-Bedroom: $1,267/mo, 2-Bedroom: $1,473/mo, 3-Bedroom: $1,907/mo, and 4-Bedroom: $2,338/mo.
How do HUD Fair Market Rents compare to local incomes in Boone County, IN?
At the local Census ACS median household income of $111,250/year ($9,271/month), the benchmark 2-bedroom Fair Market Rent represents 15.9% of monthly income.
How is the 30% housing affordability standard calculated in Boone County, IN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,473/month, the required minimum annual gross income is calculated as ($1,473 × 12) ÷ 0.30 = $58,920 per year.