Section 8 Fair Market Rent (FMR) for ZIP 46184 - 2027

Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area

Investment Score for ZIP 46184

Monthly Rent (2BR)

$2,280

Median Price (2BR)

$221,434

1% Rule

1.03%

Annual Yield

12.36%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,760
1 Bedroom	$1,980
2 Bedrooms	$2,280
3 Bedrooms	$2,960
4 Bedrooms	$3,600
5 Bedrooms	$4,176
6 Bedrooms	$4,677
7 Bedrooms	$5,051
8 Bedrooms	$5,304

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,280	$221,434	1.03%	B
3BR	$2,960	$249,570	1.19%	B
4BR	$3,600	$321,604	1.12%	B
5BR	$4,176	$413,089	1.01%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

13,304

Median Household Income

$99,865

Housing Units

5,175

Renter Percentage

13.8%

Occupancy Rate

91.4%

Renter Occupied

652

The Whiteland, IN area, represented by ZIP code 46184, is a suburban community situated in Johnson County. Known for its family-friendly environment and proximity to Indianapolis, it offers a blend of rural charm and urban convenience. This analysis will delve into key metrics that define the rental market in Whiteland, providing insights for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in Whiteland for fiscal year 2024 is set at $1,850.
The Zillow Observed Rent Index (ZORI) indicates that the average market rent for a similar unit is $1,823.
The median home value in the area stands at $268,430, reflecting a moderate cost of living compared to other suburban areas.
Renters make up 13.8% of the housing market, suggesting a smaller but still significant demand for rental properties.
The median household income in Whiteland is $99,865, indicating a relatively affluent population capable of supporting higher rents.

In summary, the rental market in Whiteland, IN, is characterized by a fair balance between affordability and demand. The FMR and ZORI figures closely align, signaling a stable rental price environment. With a median home value of $268,430 and median income of $99,865, the area supports a robust economic foundation for landlords. However, the lower renter share of 13.8% suggests that competition among rental properties could be high, necessitating quality offerings to attract tenants. Overall, Whiteland presents a viable investment opportunity for those looking to enter a moderately priced yet economically sound suburban rental market.

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.