Location: Miami County, IN | Metro: Miami County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 46959 are defined by the SAFMR (Small Area Fair Market Rent) set at $960 for a two-bedroom apartment during fiscal year 2026. This figure contrasts with the local market rent, which averages $905 according to the Census ACS (American Community Survey) data.
A landlord participating in the Section 8 program receives payments based on a voucher system. The voucher payment is calculated by taking the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their adjusted income. Additionally, there are utility allowances that can vary but are usually around $200 per month for a two-bedroom unit in this region.
To illustrate, let’s assume a tenant has an adjusted monthly income of $1,500. Their contribution would be 30% of that, equating to $450. If the SAFMR is $960, the government would cover the remaining $510. Including the utility allowance, the total reimbursement a landlord might receive could be approximately $710 per month.
This means that if you charge the market rate of $905, you would still have a surplus of about $195 per month over what the voucher pays. However, if you charge the full SAFMR rate of $960, you would face a reimbursement gap of $250 per month, unless you adjust your rent to match the voucher amount plus utilities.
In summary, the typical reimbursement gap for a two-bedroom unit in ZIP 46959 is $250 per month if charging the SAFMR rate, or a surplus of $195 per month if charging the local market rent. These figures provide a clear picture of the financial dynamics involved in Section 8 participation.
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.