Location: Grant County, IN | Metro: Anderson, 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 | $810 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $113,768 | 0.96% | C |
| 3BR | $1,440 | $174,378 | 0.83% | C |
| 4BR | $1,570 | $236,815 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 46928, located in Fairmount, Indiana, houses a population of 4,553 individuals. Among these residents, only 14.0% are renters, indicating that it is primarily a homeowner-dominated area rather than a renter-heavy one. This suggests that the demand for housing vouchers, such as those under the Section 8 program, is likely to be less intense compared to areas with higher percentages of renters.
The median household income in this ZIP code stands at $67,412. The typical market rent for the area is $895 per month. To contextualize this, the average rent constitutes approximately 16.4% of the median household income, calculated by dividing the monthly rent by the annual income and multiplying by 12. This figure places a significant but manageable portion of income towards housing costs.
Comparatively, the Fair Market Rent (FMR) for ZIP 46928 is set at $1,050 for FY 2024. This means that the current market rent of $895 is below the FMR, which could indicate that landlords might have some flexibility in setting rents slightly above the market rate without exceeding the voucher limits. However, it's important to note that the FMR is designed to cover the cost of decent, safe, and sanitary housing, and landlords should ensure that their properties meet these standards to attract and retain tenants effectively.
A landlord in ZIP 46928 should anticipate a tenant pool that includes a mix of individuals who rely on Section 8 vouchers for rental assistance. These tenants will have their incomes verified and capped, often at or below 50% of the area median income. Given the lower percentage of renters and the relatively modest income levels, landlords can expect tenants who are financially cautious and may prioritize stable housing over luxury amenities. Landlords should also be prepared to manage a property that complies with HUD requirements and undergoes regular inspections to maintain eligibility for the voucher program.
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.