Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,620 |
| 1 Bedroom | $1,820 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,710 |
| 4 Bedrooms | $3,300 |
| 5 Bedrooms | $3,828 |
| 6 Bedrooms | $4,287 |
| 7 Bedrooms | $4,630 |
| 8 Bedrooms | $4,862 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) set at $1630 for ZIP 46055 (McCordsville, IN) in fiscal year 2024, landlords can align their rental pricing with government standards to attract Section 8 tenants. The actual market rent, known as ZORI, stands at $2,406, indicating a premium over the FMR for non-subsidized units. A median home value of $398,354 suggests a relatively stable housing market where property values are likely to hold steady. Renter share in the area is 17.7%, which is a moderate percentage, showing a balanced mix of homeowners and renters. Median income in the area is $113,784, providing insight into the financial health of potential tenants. Days on market (DOM) average 32 days, signaling a brisk rental market where properties are quickly occupied. Price-cut share is a mere 0.2%, suggesting that landlords rarely need to lower their asking prices to secure tenants. These figures paint a picture of a healthy investment climate, particularly for those interested in Section 8 participation. Given the robust market conditions and reasonable FMR, landlords in McCordsville should find Section 8 tenancy a reliable option for maintaining occupancy rates and financial stability. Verdict: Section 8 is a solid choice for landlords in ZIP 46055.
Data Sources: FMR data from HUD (2027). 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.