Location: Franklin County, IN | Metro: Franklin County, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
ZIP code 47035 has a population of 261 individuals, with 0.0% identified as renters. This indicates that the area is primarily dominated by homeowners rather than renters. The median household income in this ZIP code is $36,696, which provides insight into the financial capabilities of potential tenants.
Due to the lack of specific market rent data, it's challenging to calculate the exact percentage of local income that goes towards rent. However, we can compare the median income to the Fair Market Rent (FMR) for the area, which is set at $1070 per month for FY 2024. Assuming an average rent payment aligns closely with the FMR, a household would spend approximately 35% of their monthly income on rent. This figure is derived from dividing the FMR by the annual median income ($1070 / ($36,696/12)) and multiplying by 100 to get a percentage.
The scarcity of renters suggests that the demand for Section 8 vouchers is likely to be low. In areas with higher concentrations of renters, the competition for housing supported by Section 8 vouchers can be more intense. Given the homeowner-dominated landscape of ZIP 47035, landlords should not anticipate a large influx of tenants seeking assistance through the Section 8 program.
A landlord in ZIP 47035 can expect tenants who are likely to be financially stable enough to cover the cost of rent without relying heavily on government assistance. While some tenants may still qualify for and utilize Section 8 vouchers, the overall number is expected to be minimal due to the low percentage of renters in the area. The primary tenant profile will consist of individuals or families whose income aligns closely with the median household income, capable of paying around $1070 per month in rent without significant financial strain.
Data Sources: FMR data from HUD (2027). 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.