Location: Louisville, KY | Metro: Louisville, KY-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 | $930 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $172,142 | 0.7% | D |
| 3BR | $1,540 | $214,879 | 0.72% | D |
| 4BR | $1,780 | $246,193 | 0.72% | D |
U.S. Census Bureau data (2024)
ZIP code 47129, located in Clarksville, Indiana, falls within the broader Louisville, KY-IN HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 47129 in fiscal year 2024 is set at $1,220, which closely aligns with the area's average market rent of $1,204. This indicates that the rental prices in Clarksville are in line with what is typically seen across the Louisville metro.
The median home value in ZIP 47129 stands at $203,423, a figure that is generally lower than the median home values found in many parts of the Louisville metro. This suggests that Clarksville offers more affordable housing options compared to some other areas within the metro region.
A significant portion of residents in ZIP 47129 are renters, with 42.5% of households falling into this category. This high renter share, combined with below-average home values, points towards an area that could be particularly attractive for Section 8 tenants and landlords participating in the program. Such conditions often create a value pocket within the larger metro area, where rental properties can be effectively utilized under the Section 8 program due to the alignment between the FMR and actual market rents.
To determine if ZIP 47129 is a value pocket, mid-tier neighborhood, or a premium sub-market within the Louisville, KY-IN HUD Metro FMR Area, we must consider the context of the entire metro. Given its lower median home value and high renter share, it is likely positioned as a value pocket. This classification means that it offers opportunities for landlords who are looking to attract Section 8 tenants without having to compete with higher-priced neighborhoods for property investments.
In summary, ZIP 47129 in Clarksville, Indiana, presents itself as a value pocket within the Louisville, KY-IN HUD Metro FMR Area. Its fair market rent aligns closely with the average market rent, while its lower median home value and high renter share make it a suitable location 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.