Location: Franklin 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 | $740 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $337,923 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 47016, located within the Franklin County, IN HUD Metro FMR Area, presents an interesting profile when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for 47016 is set at $1080 for fiscal year 2024, which is notably higher than the average market rent of $763. This discrepancy suggests that 47016 might be slightly overpriced relative to what the market currently supports, potentially indicating it could be a premium sub-market.
However, the median home value of $322,404 is relatively stable and does not necessarily reflect a premium status. In fact, it aligns more closely with a mid-tier neighborhood, given the typical home values found in similar areas within Franklin County.
A key indicator of potential value lies in the renter share, which stands at 8.4%. This figure is not exceptionally high, but it does suggest that a portion of the residents are likely renters. When combined with the lower market rent compared to the FMR, this can signal that 47016 offers opportunities for landlords and small-portfolio investors looking for a balance between investment costs and rental income potential.
Given the specific figures, 47016 appears to be a mid-tier neighborhood with some characteristics of a value pocket. The higher FMR paired with a lower market rent and a reasonable renter share points towards an area where landlords can find properties that offer a decent return on investment without being in the most expensive part of the market.
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.