Fair Market Rents by apartment size
| Size | FY2026 FMR | Income needed (30% rule) | Hourly, full time |
|---|---|---|---|
| Studio | $894/mo | $35,760/yr | $17.19 |
| 1 bedroom | $1,032/mo | $41,280/yr | $19.85 |
| 2 bedrooms | $1,242/mo | $49,680/yr | $23.88 |
| 3 bedrooms | $1,489/mo | $59,560/yr | $28.63 |
| 4 bedrooms | $1,992/mo | $79,680/yr | $38.31 |
Fair Market Rents are HUD's estimate of the 40th percentile of gross rent (rent plus essential utilities) for standard-quality units in Lafayette-West Lafayette, IN HUD Metro FMR Area. About 40% of comparable rentals cost less and 60% cost more, so treat these as a benchmark rather than a listing price. Income needed assumes rent and utilities take no more than 30% of gross income, the federal cost-burden line; the hourly figure assumes 2,080 working hours a year.
Rent vs wages
To afford the 2-bedroom Fair Market Rent here with 30% of a full-time income, you would need to earn about $23.88 an hour. At the state minimum wage of $7.25, that is about 132 hours of work a week. See how every metro compares.
What this means for renters
If you have a Housing Choice Voucher, your local housing authority sets its payment standards based on these FMRs; ask your agency for its exact figures. If you are budgeting a move, compare these numbers with real listings: newer or better-located units usually rent above the FMR.
Areas with similar rents nearby
Frequently asked questions
What is the fair market rent in Lafayette-West Lafayette, IN?
HUD's FY2026 Fair Market Rents for Lafayette-West Lafayette, IN HUD Metro FMR Area are $894 for studio, $1,032 for 1 bedroom, $1,242 for 2 bedrooms, $1,489 for 3 bedrooms, $1,992 for 4 bedrooms.
How much do I need to earn to rent a 2-bedroom in Lafayette-West Lafayette, IN?
At the Fair Market Rent of $1,242, keeping rent within 30% of gross income (the federal cost-burden line) takes about $49,680 a year, or $4,140 a month.
Source: HUD Fair Market Rents, FY2026 schedule (effective October 1, 2025), area code METRO29200M29140. HUD has since published FY2027 FMRs; check HUD for the newest figures. Our data.