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 | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,250 |
| 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 |
|---|---|---|---|---|
| 1BR | $800 | $125,318 | 0.64% | D |
| 2BR | $1,030 | $165,742 | 0.62% | D |
| 3BR | $1,250 | $236,215 | 0.53% | F |
| 4BR | $1,450 | $282,746 | 0.51% | F |
| 5BR | $1,682 | $312,143 | 0.54% | F |
U.S. Census Bureau data (2024)
ZIP code 46975, located in Rochester, Indiana, is positioned within the broader Pulaski County, IN metro area. The Fair Market Rent (FMR) for the fiscal year 2026 in this ZIP is set at $970, slightly above the market rent figure of $959. This indicates that rental properties in 46975 are priced slightly higher than what the market suggests, which could be due to factors such as local demand or supply dynamics.
The median home value in 46975 stands at $211,042. This figure is indicative of the overall housing affordability in the area. If we compare it to typical Pulaski County ZIP codes, without specific data on those ZIPs, we can infer that 46975 might be considered a mid-tier neighborhood based on its home value. However, the exact positioning would depend on the range of home values across other ZIP codes within the county.
A key metric for Section 8 real estate analysis is the percentage of renters. In ZIP 46975, the renter share is 21.3%. This suggests a moderate level of rental activity, neither exceptionally low nor high. A high renter share coupled with below-metro average home values often signals a potential sweet spot for Section 8 investment. However, since the home value in 46975 is not significantly lower than the metro average, this particular ZIP code does not strongly indicate a value pocket solely based on the given data.
The slight discrepancy between the FMR and market rent figures also points towards a balanced rental market. Landlords and small-portfolio investors should consider the FMR as a guideline for setting competitive rental rates while ensuring they remain within the bounds of the Section 8 program's limits. The close alignment of these two figures suggests that there is little room for significant overpricing, which could impact the attractiveness of the area for Section 8 tenants.
In summary, ZIP 46975 appears to be a mid-tier neighborhood within the Pulaski County, IN metro area. Its home values and renter share suggest a stable environment for investment, but it lacks the characteristics that would clearly define it as either a value pocket or a premium sub-market. Investors should evaluate additional metrics such as vacancy rates, tenant demand, and property management costs to make a fully informed decision.
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.