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 | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,320 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $156,382 | 0.71% | D |
| 3BR | $1,320 | $250,251 | 0.53% | F |
| 4BR | $1,560 | $272,501 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 46148, located in Knightstown, Indiana, presents a market in motion characterized by specific dynamics between rental and homeownership. The Fair Market Rent (FMR) for ZIP 46148 is set at $1290 for fiscal year 2024, while the market rent as per the Census American Community Survey stands at $952. This discrepancy suggests that the rental market may be experiencing some upward pressure, indicative of potential demand exceeding supply.
The median home value in Knightstown is $218,853, which is a key figure for understanding the overall cost of homeownership in the area. However, the lack of data on price-cut share and days on market (DOM) prevents a precise assessment of how aggressively sellers are adjusting their prices or how quickly homes are selling. These metrics would provide crucial insights into whether the market is favoring buyers or sellers.
A noteworthy statistic is the 22.1% renter share of the population. This percentage indicates a significant portion of residents are renters rather than homeowners, suggesting ongoing long-term housing pressure. In markets with a high renter share, there's often an underlying tension due to limited affordable homeownership options or a preference for renting over buying. This can create sustained demand for rental properties, benefiting landlords and small-portfolio investors who focus on rentals.
The rental market's dynamics in Knightstown imply a steady demand for rental units, driven by the relatively high FMR compared to the actual market rent. Landlords and investors should be aware of these trends, as they suggest a potentially favorable environment for rental investments. However, without additional time-series data, it's difficult to definitively state whether supply currently outpaces demand or vice versa. The high renter share points towards a market where rental properties could continue to be in demand, offering stability and potential growth for those invested in the rental sector.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.