Section 8 Fair Market Rent (FMR) for ZIP 47177 - 2027

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

Investment Score for ZIP 47177

N/A

Monthly Rent (2BR)

$1,170

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	$940
2 Bedrooms	$1,170
3 Bedrooms	$1,490
4 Bedrooms	$1,660
5 Bedrooms	$1,926
6 Bedrooms	$2,157
7 Bedrooms	$2,330
8 Bedrooms	$2,447

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	$1,490	$273,679	0.54%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,782

Median Household Income

$83,542

Housing Units

638

Renter Percentage

10.9%

Occupancy Rate

94.7%

Renter Occupied

The ZIP code 47177, located in Indiana, offers a stable environment for real estate investment, particularly in the context of Section 8 housing. This area is characterized by a mix of residential properties, with a significant portion catering to renters who qualify for federal assistance programs.

Fair Market Rent (FMR): The FMR for ZIP 47177 is set at $1180 for the fiscal year 2024, providing a benchmark for rental prices that align with federal guidelines.
Market Rent: According to the Census Bureau's American Community Survey, the average market rent in ZIP 47177 is $1,167, closely matching the FMR and indicating a well-aligned local rental market.
Median Home Value: The median home value in the area stands at $260,260, reflecting a moderate property value that is neither excessively high nor low.
Renter Share: Only 10.9% of households in ZIP 47177 are renters, suggesting a lower demand for rental units compared to owner-occupied homes.
Days on Market (DOM): Data on the typical days a property remains on the market before being rented out is not available, which could imply either a robust market or a lack of comprehensive tracking.
Median Income: The median household income in ZIP 47177 is $83,542, a figure that supports the viability of both rental and homeownership markets, given the affordability of housing relative to income levels.

Analyzing these points, investors should recognize that ZIP 47177 presents a balanced opportunity where Fair Market Rents are nearly identical to market rents, ensuring compliance with Section 8 standards without sacrificing profitability. However, the relatively low renter share suggests that landlords might face competition from homeownership opportunities, necessitating a keen focus on property maintenance and location to attract tenants. The median income provides a solid foundation for the housing market, making it accessible to a broad range of residents. Despite the absence of Days on Market data, the other metrics indicate a stable and predictable market for those interested in 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.