Section 8 Fair Market Rent (FMR) for ZIP 46105 - 2027

Location: Putnam County, IN | Metro: Putnam County, IN

Investment Score for ZIP 46105

Monthly Rent (2BR)

$1,090

Median Price (2BR)

$216,524

1% Rule

0.5%

Annual Yield

6.04%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$930
2 Bedrooms	$1,090
3 Bedrooms	$1,510
4 Bedrooms	$1,800
5 Bedrooms	$2,088
6 Bedrooms	$2,339
7 Bedrooms	$2,526
8 Bedrooms	$2,652

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,090	$216,524	0.5%	F
3BR	$1,510	$306,612	0.49%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,731

Median Household Income

$87,736

Housing Units

771

Renter Percentage

15.7%

Occupancy Rate

90.0%

Renter Occupied

109

The town of Bainbridge, located in the heart of Indiana's 46105 ZIP code, offers a stable environment for real estate investments, particularly in rental properties. The area is characterized by a blend of suburban living and rural charm, attracting a mix of residents who appreciate both lifestyles.

Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 46105 for fiscal year 2024 is set at $1050. This figure represents the maximum amount HUD will pay for a rental unit in the area and is a reliable indicator of the local rental market's health.
The Census ACS reports that the average market rent for a one-bedroom apartment in the same area is $961. This suggests that while rents are not excessively high, they remain competitive and reflective of the town's character and economic conditions.
The median home value in ZIP 46105 stands at $293,705. This value indicates the typical cost of homeownership, which can influence the local rental market dynamics, as potential buyers might opt to rent due to higher purchase prices.
Renters make up 15.7% of the housing market in Bainbridge. This relatively low percentage of renters compared to homeowners implies a strong demand for owner-occupied homes, but also highlights a niche opportunity for rental property investments.
The median income for residents is $87,736. This above-average income level supports a robust rental market, where tenants have the financial stability to meet rent payments consistently.
The Days on Market (DOM) for rentals is not available. This lack of data could indicate a healthy turnover rate or simply a limited sample size, but it does suggest that units are likely to be occupied quickly once listed.

In summary, ZIP 46105 presents a balanced market for rental investments. With fair market rents slightly above average and median incomes supporting tenant affordability, landlords and small-portfolio investors can expect steady returns. However, the low renter share points towards a smaller target audience, necessitating careful property selection and management practices to ensure occupancy rates. The strong median home values also indicate a solid overall economy in the area, which bodes well for long-term investment stability.

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.