Location: Kokomo, IN | Metro: Tipton County, 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 | $1,020 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,340 | $135,324 | 0.99% | C |
| 3BR | $1,590 | $232,633 | 0.68% | D |
| 4BR | $1,760 | $270,743 | 0.65% | D |
U.S. Census Bureau data (2024)
The classification of ZIP 46076, Windfall, IN, on the axes of yield and stability reveals a unique investment scenario for landlords and small-portfolio investors.
Starting with yield, the Fair Market Rent (FMR) for 2024 stands at $980, which is notably higher than the market rent of $863. This suggests that properties participating in the Section 8 program can command a premium over the local rental market rates. Additionally, the median home value of $204,632 provides a solid basis for assessing the potential return on investment. The difference between the FMR and the market rent indicates a significant opportunity to generate above-average rental income, making this a high-yield area.
Moving to stability, the picture becomes less straightforward. With only 9.1% of the population being renters, the demand for rentals is relatively low, which could imply limited liquidity and potentially slower property turnover. However, the average daily days on market (DOM) is not available, which means we cannot accurately gauge how quickly properties are rented out. The median household income of $73,889 suggests that tenants receiving Section 8 vouchers might have supplementary income, enhancing their ability to pay rent on time and maintain stable tenancy. Yet, the low percentage of renters could also indicate a smaller pool of potential tenants, thereby increasing the risk of vacancy periods.
Based on these figures, ZIP 46076 leans towards a high-yield but low-stability market. The higher FMR compared to the market rent offers an attractive income stream, but the low renter population poses challenges regarding tenant availability and continuity. For landlords and investors looking for a balance between high returns and steady cash flow, this area requires careful consideration of the risks associated with lower tenant demand.
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.