Location: Rush County, 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 | $760 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $174,942 | 0.58% | F |
| 3BR | $1,300 | $258,719 | 0.5% | F |
| 4BR | $1,560 | $288,208 | 0.54% | F |
U.S. Census Bureau data (2024)
The market in ZIP 46115, encompassing Carthage, IN, presents a dynamic scenario where rental figures and home values offer insights into current housing pressures. The Fair Market Rent (FMR) for the area stands at $1050 for fiscal year 2024, while the average market rent, according to the Census American Community Survey (ACS), is $775. This disparity suggests that the FMR, which is typically higher and reflects broader regional costs, may indicate potential upward pressure on rents.
The median home value in ZIP 46115 is $230,083, providing a benchmark for homeownership in the area. However, the lack of data regarding the percentage of homes experiencing price cuts and the days on market (DOM) indicates a stable housing market without significant fluctuations in property values or sales activity. This stability can be interpreted as a balanced market where neither supply nor demand significantly outpaces the other.
A noteworthy statistic is the 23.0% renter share in Carthage. This figure, while not overwhelming, suggests a consistent demand for rental properties. In markets with a higher proportion of renters, there tends to be more long-term housing pressure as fewer individuals opt for homeownership. This could be due to various factors such as economic conditions, population demographics, or lifestyle preferences. For landlords and small-portfolio investors, this means a steady demand for rental units, but it also implies competition and the need for well-maintained, competitively priced properties to attract tenants.
The snapshot of the market reveals a situation where the rental market is somewhat robust, with the FMR indicating a higher rent threshold than the current market rate. This suggests that landlords have the potential to increase rents gradually, aligning with the FMR over time. Additionally, the median home value provides a reference point for assessing property investments, balancing between rental income and the possibility of resale value appreciation.
In summary, ZIP 46115 is characterized by a stable housing market with a modest but persistent rental demand. Landlords and small-portfolio investors should focus on maintaining competitive pricing and quality to meet the needs of renters and capitalize on the current market dynamics.
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.