Location: Switzerland County, IN | Metro: Cincinnati, OH-KY-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 | $790 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $339,904 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 47011 presents several challenges for potential Section 8 landlords. Tenant turnover is a significant issue, as the market rent stands at an unspecified figure compared to the $990 Fair Market Rent (FMR) for fiscal year 2024. This discrepancy can lead to higher tenant churn, which increases operational costs and reduces rental income consistency.
Vacancy exposure is another critical concern. With an unspecified number of days on the market (DOM), it's difficult to predict how long properties might remain vacant. Vacancies mean lost revenue, and in a competitive rental market, landlords must be prepared to manage periods without tenants effectively.
Deferred maintenance poses a substantial risk due to the relatively low median home value of $320,732 and a median income of $67,981. These figures suggest that homeowners may struggle to invest in regular upkeep, leading to higher repair costs over time. Landlords should be ready to handle these expenses to maintain property standards required by Section 8 programs.
However, these risks are somewhat mitigated by the fact that 3.6% of residents are renters. While this percentage might seem low, it often translates into a high concentration of voucher holders seeking housing. The presence of many voucher users can ensure steady demand for rental properties, reducing the likelihood of prolonged vacancies and providing a reliable stream of income.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP 47011 is moderate. Despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the strong demand from voucher holders provides a stable foundation for rental investments.
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.