Location: Scott County, IN | Metro: Jackson County, IN
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 | $1,310 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $120,241 | 0.84% | C |
| 3BR | $1,310 | $171,390 | 0.76% | D |
| 4BR | $1,370 | $215,366 | 0.64% | D |
U.S. Census Bureau data (2024)
The ZIP code 47102, located in Austin, Indiana, has a population of 6,659 residents. Within this demographic, 26.3% are renters, indicating a significant but not overwhelming presence of rental housing. The median household income stands at $41,583, which provides a baseline for understanding the financial capabilities of potential tenants.
Average market rent in the area is $684 per month. This represents approximately 16.5% of the median household income, suggesting that rent is a considerable but manageable expense for many households. However, the Fair Market Rent (FMR) set by HUD for the metropolitan area is $960 per month, which is significantly higher than the current market rent. This discrepancy highlights a gap between the actual rental costs and the benchmark used for determining voucher amounts.
In ZIP 47102, landlords can anticipate a tenant pool that largely relies on Section 8 vouchers due to the relatively low median income compared to the FMR. Vouchers are likely to be a common source of payment, given that the average rent is below the FMR, making it easier for voucher holders to find suitable accommodation. The voucher demand is expected to be substantial, aligning with the high percentage of renters and the affordability of current rents.
Landlords operating in this area should prepare for tenants who require the stability and support offered by Section 8 vouchers. These tenants will typically have their rent subsidized, allowing them to afford living spaces they might otherwise struggle to pay for. It's important for landlords to understand the requirements and processes associated with Section 8 tenancy to ensure smooth operations and compliance with federal guidelines.
To summarize, ZIP 47102 is characterized by a moderate renter population and a market where Section 8 vouchers play a crucial role in enabling affordable housing. With typical rents consuming nearly 16.5% of the median income, the reliance on vouchers is evident. Landlords should expect tenants who are financially supported through the Section 8 program, ensuring that they meet the necessary standards for eligibility and participation.
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.