Location: Pulaski County, IN | Metro: Fulton County, IN
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 | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $176,365 | 0.57% | F |
| 3BR | $1,230 | $206,818 | 0.59% | F |
| 4BR | $1,450 | $213,838 | 0.68% | D |
U.S. Census Bureau data (2024)
ZIP 46939, located in Kewanna, Indiana, within the Pulaski County, IN metro area, is best suited as a cash-flow anchor in a Section 8 portfolio strategy. The rationale behind this classification is based on the significant spread between the Fair Market Rent (FMR) and the market rent levels.
The FMR for the Pulaski County, IN metro area in fiscal year 2026 is set at $960. In contrast, the current market rent in ZIP 46939 is $594, indicating a substantial gap that landlords can leverage to ensure steady cash flow. This means that properties in this ZIP code can be rented out at the Section 8 rate, which is higher than the local market rate, thus providing a reliable source of income without the risk of overpricing.
Furthermore, the median home value in ZIP 46939 is $183,307. While this figure is indicative of the property values in the area, it does not directly impact the cash-flow anchor status since the focus is on rental income rather than property appreciation. However, it does suggest that the area is relatively affordable, making it easier for landlords to acquire properties at a reasonable cost.
The ZIP code has a 12.0% renter share, meaning that a significant portion of the population rents their homes. This indicates a stable demand for rental properties, which is beneficial for maintaining occupancy rates. Additionally, the median income of $69,000 suggests that there is a sufficient economic base to support the rental market, even if some tenants rely on Section 8 vouchers.
ZIP 46939 is not an appreciation play due to the lack of data on price-cut shares and days on market (DOM). These metrics would typically indicate whether properties are selling quickly at or above asking price, but their absence here means we cannot make a case for rapid property value growth.
In conclusion, ZIP 46939 serves as a solid cash-flow anchor within a Section 8 portfolio strategy, thanks to the favorable spread between the FMR and market rent levels. This ensures that landlords can achieve consistent and predictable income streams, making it a valuable addition to any investment portfolio focused on stability and reliability.
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.