Location: Miami County, IN | Metro: Miami County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 46914, located in Bunker Hill, Indiana, stands out within Miami County due to its unique demographic and economic characteristics. With a population of 4,142 residents, it has a rental rate of 20.0%, indicating that a significant portion of the community owns their homes. The median household income in this area is $63,902, reflecting a modest but stable financial situation for the majority of its inhabitants. Notably, the median home value in ZIP 46914 is $191,719, which is relatively high compared to the rental rates and suggests a preference for homeownership among the local population.
The voucher economics in Bunker Hill are particularly favorable for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960, while the current market rent, according to Census ACS data, is only $583. This substantial gap means that landlords can potentially receive a higher subsidy per unit than the actual market rate, thereby increasing profitability for those who accept Section 8 vouchers.
Based on the data provided, ZIP 46914 appears to be a stable market. The high median home value alongside a moderate rental rate indicates a strong preference for homeownership, suggesting that the local economy supports property ownership. However, the presence of Section 8 vouchers and the significant difference between FMR and market rent suggest that there is also a segment of the population that relies on rental assistance, making it a transitional area in terms of housing affordability. Landlords and investors should consider these factors when evaluating the potential returns and risks associated with properties in this ZIP code.
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.