Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
To integrate ZIP 46164, located in Nineveh, Indiana, into a Section 8 portfolio strategy, consider it primarily as a cash-flow anchor. The Fair Market Rent (FMR) for the Indianapolis-Carmel HUD Metro FMR Area in fiscal year 2024 is set at $1420, which stands notably higher than the local market rent of $881. This creates a significant spread that can be leveraged to ensure steady cash flow.
The median home value in this ZIP code is $360,390, indicating a relatively stable housing market. However, the key advantage lies in the rental market dynamics. With a FMR of $1420 and an average market rent of $881, landlords can secure higher rents through Section 8 vouchers, thus improving their cash flow. This is particularly advantageous given the low price-cut share of 0.3%, suggesting that rental properties are generally priced appropriately and do not require frequent adjustments to attract tenants.
The median income in ZIP 46164 is $85,735, which supports the idea of a strong tenant base capable of contributing to the stability of the rental income. While the renter share is 3.8%, which is modest, the higher FMR relative to the market rent makes this area attractive for landlords seeking reliable income streams.
Moreover, the N/A-day DOM (Days on Market) implies that properties in this area are either rented quickly or that the data does not provide a clear picture of how long listings typically remain active before securing a tenant. Given the high FMR compared to market rent, it's reasonable to assume that Section 8 properties in this area would be in demand, leading to shorter vacancy periods.
In conclusion, ZIP 46164 should be considered a cash-flow anchor within a Section 8 portfolio strategy due to the substantial difference between the HUD-set FMR and the actual market rent. This allows landlords to benefit from higher guaranteed rental incomes while operating in a stable housing market.
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.