Location: Union County, IN | Metro: Franklin County, IN HUD Metro FMR Area
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 | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,330 | $190,564 | 0.7% | D |
U.S. Census Bureau data (2024)
The market in ZIP code 47003 is characterized by a balance between the Fair Market Rent (FMR) and the actual market rent. The FMR for the area stands at $860 for fiscal year 2024, while the Census American Community Survey (ACS) indicates that the market rent is slightly higher at $900. This suggests that the rental market is slightly above the benchmark set by the government, which could indicate a modest demand for rental properties.
The median home value in ZIP 47003 is $167,947, reflecting the overall affordability of homeownership in the area. However, with a significant portion of residents choosing to rent—19.5% of the population—the dynamics of the housing market lean towards a scenario where there is ongoing pressure on rental availability. This percentage implies that nearly one in five households are renters, which can sustain a steady demand for rental properties over the long term.
The lack of specific data on price-cut shares and days on market (DOM) makes it challenging to definitively state whether supply is outpacing demand or vice versa. However, the slight premium in market rent over the FMR hints at a scenario where demand might be keeping pace with supply, or even slightly exceeding it. Landlords and small-portfolio investors should take note of these figures to understand the competitive landscape and pricing strategies.
Given the snapshot of the current market conditions, it's evident that ZIP 47003 supports a mixed housing market, with both renters and homeowners contributing to the local economy. The relatively high median home value compared to the rent levels also indicates that homeownership is a feasible option for many, but the significant renter share suggests that a considerable segment of the population finds renting more suitable for their circumstances.
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.