Location: Fulton County, IN | Metro: Fulton County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 46931 reveals several key points that are crucial for landlords and small-portfolio investors considering investment in this area.
Firstly, the rent math does not favorably align with the Federal Market Rent (FMR) of $960 for the metro area in fiscal year 2026 compared to the current market rent of $750 as per the Census ACS data. This discrepancy suggests that properties relying on Section 8 subsidies may struggle to cover operating costs at the higher FMR rate while the local market rent is significantly lower.
Secondly, the acquisition of properties in ZIP 46931 appears challenging due to the lack of specific data on median home values, days on market (DOM), and the percentage of homes requiring price cuts. Without these metrics, it's difficult to assess the affordability and liquidity of the housing market in this area, which is critical for potential investors.
Lastly, regarding tenant demand, the ZIP code has a population of 245, with 19.2% of residents being renters. This indicates a limited pool of potential tenants, suggesting that competition among landlords could be intense for the available rental market.
In conclusion, while there is a presence of renters in ZIP 46931, the mismatch between the FMR and market rent, along with the unavailability of key acquisition metrics, paints a picture where investment opportunities may be constrained. The limited population size further complicates the prospect of sustaining a robust tenant base, making this area less attractive for Section 8-focused real estate investments.
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.