Location: Grant County, IN | Metro: Grant 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 | $910 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,610 | $134,569 | 1.2% | B |
U.S. Census Bureau data (2024)
The ZIP code 46957 stands out due to its unique mix of a relatively low population count of 443 residents, combined with a rental rate of 18.5%. The median income in this area is $49,444, which is modest compared to the median home value of $121,724. This disparity highlights the economic landscape where homeownership is significantly more expensive relative to the average income.
From a Section 8 voucher perspective, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,130. In contrast, the current market rent, as per the Census American Community Survey (ACS), is $1,029. This indicates that landlords participating in the Section 8 program can expect slightly higher rents than the current market average, making it a potentially attractive option for those looking to maximize their rental income within the constraints of the program.
The data suggests that ZIP 46957 is in a stable phase. With a consistent median income and a slight increase in FMR over market rent, landlords and small-portfolio investors can anticipate steady demand for subsidized housing without significant fluctuations in tenant turnover or rent collection rates. However, the low number of residents and the modest rental rate indicate a niche market, suitable for those who can manage smaller portfolios effectively. Given these factors, the ZIP code presents a balanced opportunity for those willing to engage in the Section 8 program, ensuring a reliable stream of tenants and predictable rental income.
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.