Location: Grant County, IN | Metro: Muncie, IN MSA
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 | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $149,949 | 0.67% | D |
| 3BR | $1,340 | $230,636 | 0.58% | F |
| 4BR | $1,520 | $336,425 | 0.45% | F |
U.S. Census Bureau data (2024)
ZIP code 46989, located in Upland, IN, is situated within the broader context of the Grant County, IN metro area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $950, which is slightly above the market rent of $927. The median home value in 46989 stands at $238,734, and it has a renter share of 19.7%. These figures provide insight into the nature of this ZIP code within its larger metro environment.
Comparatively, the FMR of $950 suggests that 46989 is pricing itself on par with or slightly above the average rental costs in the area. This indicates that it is not a low-cost area where rents are significantly below the market rate. However, the fact that the market rent is just under the FMR ($927) implies that there is a balance between affordability and fair value for renters.
The median home value of $238,734 places 46989 in the mid-tier range when considering the overall housing market in Grant County. This value is neither exceptionally high nor low, suggesting a moderate cost of living and investment opportunity for homeowners and landlords alike.
The renter share of 19.7% is noteworthy because it exceeds the national average, indicating a higher concentration of renters compared to other ZIP codes in the county. When combined with the below-FMR market rent, this points to an area that could be particularly attractive for Section 8 participants and landlords willing to accept Section 8 vouchers. It represents a potential sweet spot where the cost of housing is somewhat affordable while still offering decent returns on investment.
Given these specifics, ZIP 46989 appears to be a value pocket within the Grant County, IN metro. It offers a blend of reasonable rental rates and home values, making it appealing to both renters and investors seeking properties that can participate in government-assisted housing programs like Section 8. Landlords and small-portfolio investors should consider this ZIP code as a viable option for expanding their holdings, especially if they are interested in properties that can benefit from the rental assistance program.
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.