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 | $1,070 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,210 | $165,972 | 0.73% | D |
| 2BR | $1,390 | $246,131 | 0.56% | F |
| 3BR | $1,800 | $312,687 | 0.58% | F |
| 4BR | $2,190 | $404,748 | 0.54% | F |
| 5BR | $2,540 | $510,296 | 0.5% | F |
U.S. Census Bureau data (2024)
Morgan County's ZIP code 46158, which encompasses Mooresville, IN, stands out among other ZIP codes due to its unique demographic and economic characteristics. With a population of 24,878 residents, 17.9% of whom rent their homes, the area maintains a median household income of $81,096. This is complemented by a median home value of $313,243, indicating a relatively stable and affluent community.
The dynamics of the housing market in ZIP 46158 are further illuminated through an examination of the rental sector. The Federal Market Rent (FMR) for fiscal year 2024 is set at $1280, while the Census Bureau's American Community Survey reports the market rate at $1,084. This discrepancy suggests that landlords participating in the Section 8 program can expect higher rental rates compared to the local market average. Specifically, the difference of $196 between the FMR and the market rate indicates a potential advantage for landlords who choose to accept vouchers.
Evaluating the overall stability of ZIP 46158, the data points towards a community that is both financially secure and demographically consistent. The median income and home values suggest a strong economic foundation, while the modest percentage of renters indicates a predominantly owner-occupied environment. This combination of factors, along with the favorable voucher economics, paints a picture of a ZIP code that is largely stable rather than transitional. Landlords and small-portfolio investors should find the conditions in Mooresville, IN, conducive to long-term investment and steady returns.
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.