Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) set at $1130 for ZIP 46160 in Morgantown, IN, for fiscal year 2024, landlords can expect to align their rental prices accordingly to attract tenants eligible for Section 8 subsidies. The Census Bureau reports a market rent of $915, indicating that properties priced at or below the FMR could see increased demand from subsidized tenants. The median home value stands at $341,826, suggesting a moderate housing market where investment opportunities are balanced between affordability and value retention.
A 12.2% renter share means that nearly one out of every eight residents in Morgantown are renters, providing a steady pool of potential tenants for landlords. The median income of $76,445 offers insight into the financial capacity of local residents, although it does not directly correlate to the income levels of Section 8 participants. Despite the lack of specific data on days on market (DOM), the low price-cut share of 0.3% suggests that properties listed for sale or rent are likely to find buyers or tenants without significant reductions in asking price.
Investors should note that while the FMR of $1130 provides a benchmark for rental pricing, the actual market rent of $915 indicates a potential margin for profit when operating under the Section 8 program. The median home value of $341,826 offers a solid basis for property valuation, ensuring that investments in Morgantown can be both profitable and stable. With a renter share of 12.2%, there is a consistent demand for rental properties, which can be leveraged by landlords participating in Section 8 to ensure steady occupancy rates.
The median income figure of $76,445, while not directly relevant to Section 8 tenant eligibility, underscores the economic health of the area and supports the feasibility of maintaining rental properties. The minimal price-cut share of 0.3% further reinforces the robustness of the local real estate market, making Morgantown an attractive location for real estate investments.
Verdict: For landlords and small-portfolio investors, ZIP 46160 in Morgantown, IN, presents a favorable environment for Section 8 participation, with a strong balance between market rents and FMRs, coupled with a healthy median home value and stable economic conditions.
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.