Rental Benchmark Overview
2-Bedroom Benchmark Rent
$991$11,892 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Wells County, IN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Wells 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 | $750 | $9,000 | $30,000 | $14.42/hr |
| 1-Bedroom Apartment | $755 | $9,060 | $30,200 | $14.52/hr |
| 2-Bedroom ApartmentStandard Benchmark | $991 | $11,892 | $39,640 | $19.06/hr |
| 3-Bedroom Home | $1,203 | $14,436 | $48,120 | $23.13/hr |
| 4-Bedroom Home | $1,393 | $16,716 | $55,720 | $26.79/hr |
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Frequently Asked Questions About Rent in Wells County, IN
What is the Fair Market Rent for a 2-bedroom in Wells County, IN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Wells County, IN is $991 per month ($11,892 per year).
What hourly wage is needed to afford rent in Wells County, IN?
To comfortably afford a 2-bedroom apartment at $991/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $19.06 per hour ($39,640/year).
What are the HUD Fair Market Rents by bedroom count in Wells County, IN?
Official 2026 HUD rents in Wells County, IN are: Studio: $750/mo, 1-Bedroom: $755/mo, 2-Bedroom: $991/mo, 3-Bedroom: $1,203/mo, and 4-Bedroom: $1,393/mo.
How do HUD Fair Market Rents compare to local incomes in Wells County, IN?
At the local Census ACS median household income of $71,957/year ($5,996/month), the benchmark 2-bedroom Fair Market Rent represents 16.5% of monthly income.
How is the 30% housing affordability standard calculated in Wells County, IN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $991/month, the required minimum annual gross income is calculated as ($991 × 12) ÷ 0.30 = $39,640 per year.