Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
U.S. Census Bureau data (2024)
ZIP code 46167, located in Pittsboro, IN, falls within the broader Indianapolis-Carmel, IN HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 46167 as of fiscal year 2024 is set at $1350. This figure is higher than the average market rent of $1,070, indicating that landlords in this area can expect to charge slightly above the market rate to align with HUD guidelines.
The median home value in ZIP 46167 stands at $365,701, which is comparable to the typical home values found in the Indianapolis-Carmel metro area. However, the renter share in this ZIP code is 3.2%, significantly lower than the metropolitan average. This low renter share suggests that Pittsboro is predominantly a homeowner community, with fewer rental properties available.
Given the data, ZIP 46167 appears to be a mid-tier neighborhood within the Indianapolis-Carmel metro. It offers a balance between fair market rents and median home values, without standing out as either a premium sub-market or a value pocket. The higher FMR compared to the market rent could indicate a potential for rental income to increase, aligning with HUD standards.
However, the low renter share is noteworthy. Typically, a higher renter share coupled with lower home values might signal a Section 8 sweet spot due to increased demand for affordable housing. In contrast, ZIP 46167 has a high FMR and a relatively high median home value but a low renter share, suggesting it may not attract a large number of Section 8 tenants.
To summarize, ZIP 46167 is positioned as a mid-tier neighborhood within the Indianapolis-Carmel metro, with its FMR and home values being close to the average. Its low renter share makes it less likely to be a prime location for Section 8 housing, but landlords can still benefit from setting rents according to the higher FMR standards.
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.