Location: Anderson, IN | Metro: Anderson, IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,440 | $156,100 | 0.92% | C |
| 3BR | $1,890 | $209,652 | 0.9% | C |
| 4BR | $1,890 | $258,452 | 0.73% | D |
U.S. Census Bureau data (2024)
ZIP code 46044, located in Frankton, IN, falls within the broader Anderson, IN HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1040, which is lower than the market rent of $1,197. This suggests that while the government subsidy aims to cover a portion of the rental costs, it may not fully meet the actual market demand.
The median home value in ZIP 46044 is $202,067, and the renter share is 10.9%. To contextualize these figures, consider that typical ZIP codes within the Anderson, IN HUD Metro FMR Area have higher home values and a smaller proportion of renters. The lower home value combined with a relatively high renter share indicates that 46044 could be considered a value pocket within its metro area.
A value pocket is characterized by properties that offer good value for their price, often due to lower property values compared to surrounding areas. In this case, the lower median home value in 46044, alongside a higher-than-average renter share, implies a concentration of potential Section 8 tenants. This combination can signal an opportunity for landlords and small-portfolio investors looking to maximize returns on investment properties eligible for Section 8 subsidies.
The disparity between the FMR ($1040) and the market rent ($1,197) also highlights a gap where landlords might find themselves slightly under-compensated if they rely solely on Section 8 subsidies. However, this difference can be mitigated by strategic management practices and understanding the local rental market dynamics.
In summary, ZIP 46044 presents itself as a value pocket within the Anderson, IN HUD Metro FMR Area. Its characteristics align well with the interests of landlords and small-portfolio investors seeking to leverage Section 8 programs, particularly those who can manage the slight discrepancy between subsidized rents and market rates effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.