Location: Putnam County, IN | Metro: Putnam County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
U.S. Census Bureau data (2024)
ZIP 46128, located in Fillmore, IN, within the Putnam County metro area, serves best as a cash-flow anchor within a Section 8 portfolio strategy. This classification is based on the significant spread between the Fair Market Rent (FMR) set at $1270 for the fiscal year 2024 and the current market rent, which stands at $1,169. Additionally, the median home value in this ZIP is $299,940, indicating a stable and predictable cash flow environment.
The FMR exceeds the market rent by $101 per unit, providing a reliable source of income for landlords participating in the Section 8 program. This positive differential ensures that rental income covers mortgage payments, maintenance costs, and other expenses associated with property management, making it an attractive option for small-portfolio investors looking for consistent returns.
While appreciation plays typically rely on rising property values and short days on market (DOM), the data for ZIP 46128 does not indicate a robust appreciation trend. Similarly, diversification through rental shares and median income is less compelling here, with a modest 11.9% renter share and median income at $86,466. These factors do not suggest strong potential for capital appreciation or a high-income tenant pool.
In summary, ZIP 46128 should be viewed primarily as a cash-flow anchor due to its favorable FMR-to-market rent ratio, ensuring steady and predictable returns for Section 8 landlords and small-portfolio investors.
Data Sources: FMR data from HUD (2027). 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.