Location: Kokomo, IN | Metro: Kokomo, IN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
The market in ZIP code 46904, located in Indiana, presents a dynamic scenario that is indicative of shifting housing pressures. With a Fair Market Rent (FMR) of $980 for fiscal year 2024, it is clear that rental costs are regulated and likely reflect the economic conditions of the area. However, the lack of data on market rent, price-cut share, days on market (DOM), and median home value suggests a less transparent picture regarding the balance between supply and demand.
The absence of specific percentages for the price-cut share and days on market indicates that there might be limited inventory turnover data available. This could mean that the rental market is relatively stable, with few properties changing hands, but it also leaves room for uncertainty. Landlords and small-portfolio investors should be cautious when interpreting the stability of the market without these key metrics.
The Fair Market Rent figure serves as a benchmark for subsidized housing and can provide insight into the affordability of the area. At $980, the FMR is set to ensure that low-income families can afford decent and safe housing. This figure is often lower than the market rent, which implies that the actual rents charged in the area could be higher, reflecting a potential demand for affordable housing options.
The unknown percentage of renters in the area is crucial for understanding long-term housing pressures. In markets where the renter share is high, there is often increased pressure on the rental sector due to a lack of homeownership opportunities. Conversely, if the renter share is low, it could suggest a strong preference for homeownership, which would indicate less immediate pressure on the rental market but could also imply that rental properties are seen as a secondary option.
In summary, ZIP 46904 appears to be a market with regulated rental costs, but the lack of comprehensive data makes it difficult to determine whether supply outpaces demand or vice versa. The Fair Market Rent of $980 provides a starting point for analysis, but further investigation into local rental trends and the broader economic context is necessary to fully grasp the dynamics at play.
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.