Section 8 Fair Market Rent (FMR) for ZIP 47141 - 2027

Location: Scott County, IN | Metro: Louisville, KY-IN HUD Metro FMR Area

Investment Score for ZIP 47141

N/A

Monthly Rent (2BR)

$1,160

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$890
1 Bedroom	$950
2 Bedrooms	$1,160
3 Bedrooms	$1,480
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

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
3BR	$1,480	$297,969	0.5%	F
4BR	$1,700	$407,045	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,584

Median Household Income

$108,523

Housing Units

607

Renter Percentage

16.3%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 47141, located in southern Indiana, offers a stable market for real estate investments, particularly for those interested in Section 8 housing opportunities. This area benefits from a mix of rental and homeownership options, with a growing interest in affordable housing solutions.

Fair Market Rent (FMR) for ZIP 47141 in fiscal year 2024 is set at $1280. This figure represents the maximum amount that landlords can charge for Section 8 housing vouchers, ensuring a predictable income stream for those participating in the program.
The market rent for ZIP 47141 stands at $1,167 according to the latest Census ACS data. This indicates that the rental market is slightly below the FMR, which could mean potential for higher occupancy rates if landlords align their rents with the FMR.
The median home value in the area is $304,568. This suggests a moderate property value that can be attractive for both rental and resale markets, offering a balance between investment cost and potential returns.
Renters make up 16.3% of the total population. While this percentage is relatively low, it still points to a significant demand for rental properties, especially those that cater to families and individuals seeking affordable housing solutions.
The median household income in ZIP 47141 is $108,523. This economic indicator shows that residents have a strong financial foundation, potentially leading to lower vacancy rates and better tenant reliability.
Days on Market (DOM) data is currently unavailable for ZIP 47141. However, given the stable median income and property values, it's reasonable to assume that listings move relatively quickly, although this needs verification through local real estate trends.

Investors looking to enter the ZIP 47141 market should focus on properties that can be rented close to the FMR without exceeding it, as this will likely attract a steady stream of tenants. The slightly lower market rent compared to the FMR presents an opportunity to adjust pricing for optimal occupancy. With a median income of $108,523, there's a good chance of finding financially stable tenants who can afford the set rents. Although the renter share is modest at 16.3%, the combination of stable incomes and moderate home values makes this area promising for both rental and potential resale 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.