Location: Putnam County, IN | Metro: Montgomery County, IN
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 | $830 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,450 | $224,686 | 0.65% | D |
U.S. Census Bureau data (2024)
The ZIP code 46175 has a population of 489 individuals, with only 2.9% being renters. This indicates that the area is primarily dominated by homeowners rather than renters, suggesting that the demand for rental properties, particularly those utilizing Section 8 vouchers, is likely to be low.
The median household income in ZIP 46175 stands at $74,125. Given the lack of specific market rent data, we can use the Fair Market Rent (FMR) as a benchmark. For FY 2024, the FMR for this ZIP is set at $1190. Assuming a typical renter spends around 30% of their income on housing, the average renter in this area would have an income of approximately $4,760 per month. This means that the FMR accounts for roughly 25% of the local median monthly income, which is slightly below the general recommendation but still significant.
In comparison to the FMR, landlords in ZIP 46175 should anticipate tenants who qualify for Section 8 vouchers to have an income well below the median. The voucher program is designed to assist lower-income families, and thus the typical tenant profile will likely include individuals or families earning significantly less than the median income of $74,125.
Given the homeowner-dominated nature of the area, landlords and small-portfolio investors should prepare for a limited pool of Section 8 tenants. The focus should be on providing affordable housing options that meet the needs of those eligible for the voucher program while also ensuring the property values align with the FMR guidelines.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.