Location: Cass County, IN | Metro: Cass County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 46967 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $960 per month for fiscal year 2026. This SAFMR figure is specifically tailored for this ZIP code, reflecting local housing conditions and ensuring that rental rates are appropriate for the area.
In ZIP 46967, the local market rent for a two-bedroom apartment is currently unavailable. However, it's important to understand how the SAFMR interacts with the actual rent charged to tenants. The Section 8 program operates on a voucher system where the government subsidizes part of the rent, and the tenant pays the remainder.
A landlord participating in Section 8 receives payments based on the voucher. For a two-bedroom unit, the voucher payment covers the difference between the tenant's contribution and the total rent. The tenant's portion is typically 30% of their adjusted monthly income, with any additional amount up to the SAFMR covered by the voucher.
To illustrate, if a tenant's adjusted monthly income is $1,000, they would contribute $300 toward the rent. The remaining $660 would be paid by the voucher, bringing the total to the SAFMR of $960. This reimbursement includes utility allowances, which vary but generally cover the cost of utilities for the tenant.
The utility allowance is an additional payment made directly to the tenant to help cover the cost of utilities such as electricity, gas, water, and sewage. It does not affect the landlord's reimbursement directly but is part of the overall calculation of the tenant's financial obligation.
In ZIP 46967, landlords should expect that the typical reimbursement for a two-bedroom apartment will closely match the SAFMR of $960. If the local market rent is higher than the SAFMR, landlords will experience a reimbursement gap, meaning they receive less than the market rate. Conversely, if the local market rent is lower, landlords might see a surplus, receiving more than their usual market rent.
Given the SAFMR of $960 and the lack of specific local market rent data, landlords in ZIP 46967 can anticipate that the voucher reimbursement will align with the SAFMR, providing a predictable income stream for their properties. To ensure profitability, landlords must carefully manage costs and consider the potential for either a surplus or a gap in their rental income.
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.