Location: Kokomo, IN | Metro: Kokomo, IN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP Code 46965 has a population of 73, with 100.0% of residents being renters. This indicates a strong rental market, but the lack of data on median household income makes it challenging to provide a direct comparison to the Fair Market Rent (FMR).
The typical rent for properties in this ZIP Code, particularly for 3+ bedroom units, ranges from $500 to $749 per month, inclusive of utilities. This range suggests that the rental market is relatively affordable compared to the FMR of $980 for FY 2024.
Without a specific median household income figure, we cannot calculate the exact percentage of local income that goes towards rent. However, the affordability of the rent range indicates that it could be a significant portion of income for those relying on housing vouchers.
The Fair Market Rent (FMR) is set at $980 for FY 2024, which is higher than the typical rent in the area. This implies that tenants with Section 8 vouchers could potentially cover a substantial part of the rent, making them attractive to landlords.
A landlord in ZIP Code 46965 should expect a tenant profile that heavily relies on housing assistance programs such as Section 8. These tenants will likely be seeking affordable housing options and would benefit from the lower rent range compared to the FMR. The high percentage of renters in the area also suggests a steady demand for rental properties, especially those that offer affordable rates.
In conclusion, ZIP Code 46965 is a renter-heavy area with a significant demand for affordable housing, making it a suitable location for landlords who are willing to accept Section 8 vouchers. The typical rent range is notably below the FMR, indicating that tenants with vouchers could easily afford the average rental price in the area.
Note: Due to the limited data availability, some assumptions were made based on the provided information. For a more comprehensive analysis, additional data points on median household income would be beneficial.
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.