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 | $940 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,660 | $186,898 | 0.89% | C |
U.S. Census Bureau data (2024)
The ZIP code 46987 stands out due to its unique combination of demographic and economic factors. With only 1,055 residents, it represents a small community where 19.6% of the population rents their homes. The median income in this area is $80,893, while the median home value is notably higher at $182,373. This suggests a relatively affluent neighborhood with a modest rental market.
Turning to the voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,220. In contrast, the current market rent, based on Census ACS data, is lower at $1,063. This discrepancy indicates that landlords participating in the Section 8 program could see a slight increase in rental income compared to the local market average, making the ZIP code potentially attractive for those willing to accept vouchers.
The data signature for ZIP 46987 reads as stable. The small number of residents and the high median home value suggest a settled community with little fluctuation in housing values. The modest percentage of renters and the close alignment between FMR and market rent imply a balanced market, where both homeowners and renters coexist without significant pressure on either group.
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.