Location: Rush County, IN | Metro: Rush County, IN
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 | $860 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,400 |
| 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $264,362 | 0.53% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 46104 is characterized by a median home value of $237,330. This figure provides a baseline for understanding the property values in the area, but it's the Fair Market Rent (FMR) that gives deeper insight into the rental market dynamics. The FMR for 46104 stands at $1,080 for fiscal year 2026, indicating the average rent level deemed fair by HUD for the region.
A significant aspect of the market is the 11.5% renter share. This relatively low percentage suggests that a majority of the residents in 46104 own their homes rather than renting. However, the implications of this statistic extend beyond immediate occupancy rates. A lower renter share can be indicative of an area experiencing less short-term housing pressure, but it also means that there might be a growing need for homeownership support programs. Long-term, this could translate into increased housing pressure if the trend towards homeownership continues and the supply of affordable homes remains stagnant.
The lack of data on market rent, price-cut share, and days on market (DOM) limits our ability to make precise statements about the current balance between supply and demand. However, the FMR and median home value provide some clues. With the FMR set at $1,080, landlords can expect to receive rents reflective of this benchmark. If the actual market rents are significantly below this number, it could suggest a surplus of rental units or a market where landlords are competing heavily for tenants. Conversely, if market rents are above the FMR, it indicates a tight rental market where demand is outpacing supply.
The absence of specific rental vacancy rates or days on market figures makes it difficult to definitively state whether supply is outpacing demand or vice versa. However, given the context of a modest median home value and a moderate FMR, it's reasonable to infer that the market is balanced, leaning slightly towards being a buyer's market for rentals. Landlords and small-portfolio investors should focus on maintaining competitive rental pricing and ensuring properties meet the standards expected by renters in the area.
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.