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 | $750 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,220 | $221,601 | 0.55% | F |
U.S. Census Bureau data (2024)
The market in ZIP 46915 is characterized by a rental environment that closely mirrors the Fair Market Rent (FMR) set at $860 for the fiscal year 2024, with the actual market rent slightly higher at $921. This indicates a market where demand is steady, though perhaps not overwhelming, as rents remain near the government's benchmark without significant premiums.
A median home value of $192,177 suggests that homeownership is attainable for many residents, but the 18.8% renter share points to a persistent segment of the population finding it more advantageous to rent rather than buy. This dynamic can be indicative of several factors: affordability constraints, transient populations, or a preference for renting due to lifestyle choices or financial strategies.
The absence of data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, given the proximity of the market rent to the FMR, it's reasonable to infer that the rental market is balanced, neither experiencing significant over-supply nor under-supply conditions.
The relatively low renter share could imply that there is less immediate pressure on rental properties compared to areas with higher percentages of renters. Yet, it also signals a potential for long-term housing pressure, especially if the cost of homeownership increases relative to rental costs, pushing more individuals towards renting.
In summary, ZIP 46915 presents a market where rental and homeownership options coexist, with the rental sector maintaining a steady balance around the FMR. The modest renter population suggests a stable demand for rentals, which could shift as economic conditions evolve, particularly affecting the affordability of homeownership.
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.