Location: Carroll County, IN | Metro: Carroll County, IN HUD Metro FMR Area
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 | $770 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,260 | $275,520 | 0.46% | F |
| 4BR | $1,410 | $327,532 | 0.43% | F |
U.S. Census Bureau data (2024)
The market in ZIP 46913 presents a dynamic environment that is currently balanced between supply and demand, though specific indicators suggest a slight tilt towards one side. With a Fair Market Rent (FMR) of $880 for the fiscal year 2024 and a market rent of $905 based on recent Census American Community Survey (ACS) data, it's evident that rental properties are slightly above the benchmark set by the government. This indicates a healthy demand for rental units, as the market rent exceeds the FMR, signaling that tenants are willing to pay a premium.
The median home value in ZIP 46913 stands at $272,894. While there isn't specific data on the percentage of homes that have been subject to price cuts or the number of days on the market (DOM), the fact that the median home value has remained stable suggests that the housing market is steady, without significant fluctuations that would indicate either a glut of supply or a scarcity of demand.
A key factor in understanding the long-term housing pressure is the renter share, which is 9.1%. This relatively low percentage of renters compared to homeowners implies that the majority of residents in ZIP 46913 own their homes. However, the presence of any renters indicates an ongoing need for affordable housing options. The dynamics of this market suggest that while homeownership is predominant, the rental sector plays a crucial role in providing housing solutions for those who cannot afford or do not wish to purchase a home. The slight premium on market rent over the FMR also points to a robust rental market, driven by the needs of a diverse population.
In summary, ZIP 46913 is a market where demand for rental properties is strong enough to push rents above the FMR, yet the overall stability in home values indicates a balanced supply. The low renter share points to a predominantly owner-occupied community but also highlights the importance of maintaining a viable rental sector to accommodate all housing needs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.