Location: Indianapolis-Carmel, 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 | $990 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $235,921 | 0.54% | F |
| 3BR | $1,660 | $352,553 | 0.47% | F |
| 4BR | $2,020 | $404,178 | 0.5% | F |
U.S. Census Bureau data (2024)
The median household income in ZIP 46147, Jamestown, Indiana, stands at $80,707. Considering the market rate rent of $929 as reported by the Census Bureau's American Community Survey (ACS), it becomes evident that renting at the market rate is feasible for most households. However, when comparing this to the Fair Market Rent (FMR) set by the Housing Choice Voucher program at $1270 for fiscal year 2024, the disparity between the market rate and the voucher payment standard is significant.
In Jamestown, only 16.1% of the population are renters, totaling approximately 405 individuals out of the 2,518 population. This low percentage of renters suggests limited competition among landlords, making it easier to attract tenants who can pay the market rate. The affordability gap, which is the difference between the market rate and the median income, indicates that while some households might struggle with the higher voucher rates, they could manage the lower market rate comfortably.
The takeaway for landlords is that focusing on cash-paying tenants rather than those relying on vouchers may be more beneficial. While vouchers guarantee timely payments, the lower rate of $929 compared to the $1270 FMR means that landlords can potentially attract more tenants willing to pay the market rate. Additionally, the reduced administrative burden and less stringent requirements associated with non-voucher tenants make them a more attractive option for many landlords in ZIP 46147.
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.