Location: Carroll County, IN | Metro: Kokomo, IN MSA
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 | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $158,732 | 0.64% | D |
| 3BR | $1,250 | $217,204 | 0.58% | F |
| 4BR | $1,420 | $266,544 | 0.53% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 46929, which includes Flora, Indiana, is set at $860 for the fiscal year 2024. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It does not represent the rent you will charge your tenants, but rather the maximum amount that the government will pay on behalf of eligible low-income families.
To put this into perspective, the average market rent in ZIP 46929, according to recent Census Bureau data, is $808. This means that the FMR is slightly higher than the typical rent in the area, which could be advantageous for landlords looking to cover costs and make a profit.
In ZIP 46929, 26.4% of residents are renters. This indicates a steady demand for rental properties, particularly those that cater to lower-income families who might benefit from the Section 8 program. With a significant portion of the population renting, there is a solid market for Section 8 rentals.
If you're considering purchasing a property in this area for a Section 8 rental, the median home value is approximately $202,452. This figure can help you estimate the acquisition cost of a property suitable for your investment goals. Keep in mind that the FMR helps ensure that your rental income covers the mortgage and other expenses associated with owning a rental property.
Before proceeding with a Section 8 rental in ZIP 46929, it's crucial to verify that the property meets all local housing quality standards. These standards are set by the Department of Housing and Urban Development (HUD) and must be met to qualify for the program. Inspectors will check for compliance with these requirements, ensuring that the property is safe, decent, and sanitary for tenants.
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.