Location: Clinton County, IN | Metro: Indianapolis-Carmel, 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 | $910 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $200,165 | 0.57% | F |
| 3BR | $1,520 | $267,533 | 0.57% | F |
| 4BR | $1,600 | $345,926 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 46050, located in Kirklin, Indiana, presents an interesting scenario for both renters and landlords alike. The median household income here stands at $74,531 according to recent Census data. When compared against the market rate rent of $952 per month, it becomes evident that affordability is a significant concern for many residents.
To put this into perspective, a household earning the median income would spend approximately 15.6% of their monthly income on rent alone, assuming no other financial obligations. This figure is calculated based on the annual income divided by 12 months, then compared to the market rate rent. However, when considering the typical financial responsibilities such as utilities, food, healthcare, and transportation, this percentage could rise significantly, making it challenging for residents to comfortably cover their living expenses.
The situation becomes even more complex when looking at the federal payment standard for housing vouchers. In ZIP 46050, the Fair Market Rent (FMR) for 2024 is set at $1030 per month. This means that voucher holders might be able to secure rental units that cost up to $1030, which is slightly above the current market rate. For landlords, this presents an opportunity to receive a guaranteed payment closer to the FMR, potentially reducing vacancy rates and ensuring steady income.
With only 16.8% of the 1,808 population being renters, the competition among landlords is relatively low. However, this also implies that there is a limited pool of potential tenants, which could make it difficult to fill vacancies quickly without offering competitive terms. The affordability gap between the median income and the market rate rent, as well as the voucher payment standard, suggests that landlords may need to consider the benefits of accepting vouchers as part of their rental strategy.
The takeaway for landlords is clear: while cash-paying tenants might offer a higher perceived control over the rental process, accepting Section 8 vouchers can provide a reliable source of income and access to a segment of the market that may otherwise struggle to find suitable housing. This approach not only helps to fill vacancies but also contributes to the community by providing affordable housing options.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.