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 | $980 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,620 | $261,487 | 0.62% | D |
U.S. Census Bureau data (2024)
To classify ZIP code 46150, we must analyze its yield and stability based on the given data points. The Fair Market Rent (FMR) for ZIP 46150 in fiscal year 2024 is $1050. This figure represents the expected rental income per unit, which is a key component of yield. Additionally, the median home value in this area is $232,787, indicating the capital investment required to enter the market.
The stability metrics include the percentage of renters at 19.3%, the median household income at $52,463, and the days on market (DOM), which is not available. A higher percentage of renters suggests a larger demand for rental properties, but it also indicates less stability due to the transient nature of rental markets. Income levels play a crucial role in stability; they suggest the financial capacity of residents to sustain rent payments over time. The lack of DOM data means we cannot assess how quickly properties are typically rented out in this area, which would have been useful for understanding market dynamics.
Given the FMR of $1050 and the median home value of $232,787, we can infer that the potential yield in ZIP 46150 is moderate. While the rental income is reasonable, the high home value implies significant capital investment, which can affect the overall return on investment (ROI).
The 19.3% renter rate and the income level of $52,463 suggest a relatively stable market. Residents have a decent income to support rental costs, and although the renter rate is not extremely high, it does indicate a steady demand for rental housing.
Based on these figures, ZIP 46150 is best classified as a steady-cashflow zone. It offers a moderate yield without the extreme risk associated with low-stability markets. The presence of a reasonable renter population and the income level supports the idea that rental income will be consistent and predictable, making it suitable for landlords and small-portfolio investors looking for reliable returns rather than high-risk, high-reward scenarios.
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.