Location: Clinton 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 | $840 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $312,964 | 0.45% | F |
| 4BR | $1,470 | $395,155 | 0.37% | F |
U.S. Census Bureau data (2024)
To classify ZIP code 46920, we must examine the key metrics provided: yield potential and stability indicators. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $960. This figure represents the maximum monthly rental amount that a landlord can charge a Section 8 tenant. In contrast, the median home value in the same area is $291,928, which is significantly higher and suggests a residential market where homeownership is more prevalent than renting.
The percentage of renters is only 2.0%, indicating that this ZIP code is predominantly composed of homeowners rather than tenants. This low renter rate contributes to the classification of this area as having low stability for rental investments. A higher proportion of renters would typically indicate a more stable rental market. Additionally, the median household income of $100,074 provides insight into the financial capacity of residents but does not directly correlate with rental stability since it includes both renters and homeowners.
Given the FMR of $960, landlords participating in the Section 8 program could expect to receive this amount per month for a unit in ZIP 46920. However, the low renter rate implies that finding tenants willing to participate in the program might be challenging. The median home value is also a critical factor; it suggests that the cost of acquiring a property in this area is relatively high, which could impact the overall return on investment for landlords looking to enter this market.
Based on these figures, ZIP 46920 does not represent a high-yield market due to the low renter rate and the lack of significant market rental price data. Instead, it leans towards being a steady-cashflow zone for those already invested in the area, given the guaranteed income from the FMR, but with limited opportunities for new investors due to the difficulty in finding eligible tenants and the high cost of entry represented by the median home value.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.