Location: Indianapolis-Carmel, 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 | $1,780 |
| 1 Bedroom | $2,000 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $2,980 |
| 4 Bedrooms | $3,630 |
| 5 Bedrooms | $4,211 |
| 6 Bedrooms | $4,716 |
| 7 Bedrooms | $5,093 |
| 8 Bedrooms | $5,348 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,300 | $296,792 | 0.77% | D |
| 3BR | $2,980 | $338,417 | 0.88% | C |
| 4BR | $3,630 | $394,321 | 0.92% | C |
| 5BR | $4,211 | $438,660 | 0.96% | C |
U.S. Census Bureau data (2024)
The ZIP code 46075, located in Whitestown, Indiana, presents a dynamic rental market that is currently favoring landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area stands at $1820 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly higher market rent of $1,980. This suggests that the rental market is robust, with rents above the government-set fair market level.
A key indicator of market health is the price-cut share, which in ZIP 46075 is only 0.3%. This low figure implies that few properties are being discounted, indicating strong demand relative to supply. Additionally, the days on market (DOM) of 40 days for listings shows that homes are selling relatively quickly, further supporting the notion that demand is keeping pace with or perhaps exceeding supply.
The median home value in ZIP 46075 is $367,228, reflecting a middle-class neighborhood where homeownership is attainable but not without consideration. With a 24.0% renter share, there is a significant portion of the population that prefers or requires rental accommodation, creating long-term housing pressure that benefits landlords. This high percentage of renters suggests a steady demand for rental properties, driven by both lifestyle choices and financial constraints.
In summary, the market in ZIP 46075 is one where demand is strong, evidenced by the slight premium of market rents over FMRs, the low rate of price cuts, and quick sales times. The substantial renter share points to sustained pressure for rental units, making it a favorable environment for those looking to invest in rental properties.
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.