Location: Crawford County, IN | Metro: Crawford 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 | $920 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,640 | $207,743 | 0.79% | D |
U.S. Census Bureau data (2024)
ZIP code 47116, located within the Crawford County, IN metro, has a Fair Market Rent (FMR) of $1,030 for fiscal year 2026. This figure is key when comparing it to other ZIP codes in the county. The lack of specific market rent data for 47116 makes direct comparisons challenging, but we can use the available information on home values and renter share to infer its market position.
The median home value in ZIP 47116 stands at $193,234. This is lower than the typical home values seen in many ZIP codes within the metro area, suggesting that 47116 could be considered a more affordable sub-market. However, the presence of a 5.3% renter share indicates a modest proportion of renters relative to homeowners, which is not uncommon for suburban areas.
In the context of Section 8 real estate analysis, the combination of a below-average home value with a moderate renter share points towards an interesting scenario. While the renter share is not exceptionally high, the lower home values might attract more rental assistance seekers, particularly if the FMR is reflective of the actual rents charged. This dynamic could make 47116 a value pocket within the Crawford County metro, especially for investors looking to balance between property costs and potential tenant demand.
To further solidify this inference, it's important to note that the FMR of $1,030 aligns with the affordability trend suggested by the home values. If market rents were available and found to be close to or below the FMR, it would reinforce the idea that 47116 offers good value for both homeowners and landlords participating in the Section 8 program.
Investors should also consider the broader economic conditions of Crawford County and the surrounding areas. A ZIP code with a slightly higher renter share and lower home values compared to the metro average could indicate a growing interest in rental properties, potentially making it a sweet spot for Section 8 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.