Section 8 Fair Market Rent (FMR) for ZIP 46186 - 2027
Location: Henry County, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,080 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$70,714
Housing Authorities Serving ZIP 46186
A skeptical investor looking into ZIP 46186, Wilkinson, IN, might have several concerns regarding the feasibility of investing in the area. Let's address these specific objections:
- Will FMR $1220 (zip FY 2024) cover the mortgage on a $276,431 home? The Fair Market Rent (FMR) for ZIP 46186 is set at $1220 for fiscal year 2024. This figure represents the average rental cost for a two-bedroom apartment in the area. To determine if this will cover the mortgage on a $276,431 home, we must consider the typical mortgage rate and term length. Assuming a standard 30-year fixed-rate mortgage at an interest rate of around 5%, the monthly payment on such a home would be approximately $1480. Clearly, the FMR does not fully cover this amount, leaving a gap of $260 per month that would need to be filled either by additional income sources or by the landlord.
- Is there enough renter demand at 5.0%? The percentage of renter-occupied housing units in ZIP 46186 stands at 5.0%. This low percentage suggests that there might not be significant demand for rental properties in the area. However, it's important to note that this statistic alone does not provide a complete picture. Other factors, such as the number of available rental units, the local economy, and job market trends, also play a crucial role in assessing demand. The data indicates that there is limited competition, but it does not specify whether the demand is sufficient to fill existing vacancies or support new investments.
- Will vouchers keep pace with $485 market rents? The average market rent for a one-bedroom apartment in ZIP 46186 is $485. Vouchers are designed to help low-income families afford housing, but their value can vary based on local conditions and federal guidelines. According to HUD's latest guidelines, the voucher amount should cover the average fair market rent for the area. In ZIP 46186, the voucher amount is expected to align closely with the $485 market rent, ensuring that tenants can afford their housing costs. However, it's critical to monitor any changes in voucher policies and market rents to ensure continued alignment.
The data provided gives a snapshot of the rental market and housing conditions in ZIP 46186, but it's essential to conduct further research to understand the broader economic context and trends affecting the area. Landlords and investors should be prepared to evaluate additional factors beyond the numbers presented here.
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.