Section 8 Fair Market Rent (FMR) for ZIP 47032 - 2027

Location: Ripley County, IN | Metro: Cincinnati, OH-KY-IN HUD Metro FMR Area

Investment Score for ZIP 47032

Monthly Rent (2BR)

$1,400

Median Price (2BR)

$238,728

1% Rule

0.59%

Annual Yield

7.04%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,020
1 Bedroom	$1,090
2 Bedrooms	$1,400
3 Bedrooms	$1,840
4 Bedrooms	$2,070
5 Bedrooms	$2,401
6 Bedrooms	$2,689
7 Bedrooms	$2,904
8 Bedrooms	$3,049

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,400	$238,728	0.59%	F
3BR	$1,840	$293,598	0.63%	D
4BR	$2,070	$359,114	0.58%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,285

Median Household Income

$66,950

Housing Units

1,279

Renter Percentage

4.9%

Occupancy Rate

98.1%

Renter Occupied

The ZIP code 47032, encompassing Moores Hill, Indiana, presents a modest residential market characterized by a blend of rural charm and suburban convenience. This area offers a unique opportunity for landlords and small-portfolio investors looking to capitalize on a stable yet growing rental market.

Fair Market Rent (FMR) for a two-bedroom apartment is set at $990 per month for fiscal year 2024.
The average market rent for properties in Moores Hill, as reported by the Census Bureau's American Community Survey, is $1,375 per month.
The median home value in the area stands at $293,752, indicating a relatively affordable market compared to larger urban centers.
Renters make up only 4.9% of the population, suggesting that the majority of residents prefer homeownership over renting.
The median income in ZIP 47032 is $66,950, providing a solid economic foundation for rental stability.
Days on Market (DOM) data is currently unavailable, which could be due to the limited number of properties listed for sale or rent.

The data points highlight a market where the Fair Market Rent is significantly lower than the average market rent, indicating potential for above-average returns if properties are priced correctly. The high median home value and low renter share suggest that investing in rental properties might require a focus on affordability and value propositions to attract tenants. With a median income of $66,950, there is a strong economic base supporting rental demand. However, the absence of Days on Market data makes it challenging to assess how quickly properties can be leased or sold. Overall, Moores Hill presents a balanced investment opportunity, particularly for those who can offer cost-effective housing solutions.

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.