Location: Jasper County, IN | Metro: Jasper County, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
The Fair Market Rent (FMR) for ZIP code 46380 in Indiana for fiscal year 2024 is set at $1150. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the amount you will receive as rent; it's the ceiling price.
Compared to the local average rent, which is currently N/A, the FMR provides a benchmark for rental rates in the area. While we don't have specific data on the local average rent, the FMR gives a good indication of what tenants can afford in subsidized housing.
The percentage of renters in ZIP 46380 who could potentially benefit from the Section 8 program is N/A%. This suggests a significant demand for affordable housing in the area. If the percentage is high, it indicates that there are many potential tenants who would qualify for the subsidy, making your property attractive to those seeking affordable living options.
In terms of acquiring a property suitable for Section 8, the median home value in ZIP 46380 is N/A. This figure can help you understand the typical cost of homes in the area and plan your investment accordingly. Remember, the goal is to find a property that you can manage within the constraints of the FMR while still ensuring profitability.
Before you commit to offering your property as a Section 8 rental, verify that your home meets the minimum property standards set by the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these standards can result in penalties or loss of tenancy.
By understanding the FMR and the local rental market, you can make an informed decision about whether Section 8 is right for your first rental in ZIP 46380. The demand for affordable housing is evident, and the FMR provides a clear guideline for setting your rent.
Data Sources: FMR data from HUD (2027).
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.