Location: Jennings County, IN | Metro: Columbus, IN MSA
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 | $1,110 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $214,818 | 0.6% | F |
| 3BR | $1,530 | $300,034 | 0.51% | F |
| 4BR | $1,800 | $410,801 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 47232, located in Elizabethtown, Indiana, represents a modest rental market with limited Section 8 voucher demand. With a population of 2,316, only 10.0% are renters, indicating a primarily homeowner-dominated area. This suggests that the number of tenants seeking housing assistance through Section 8 vouchers will be relatively low.
The median household income in Elizabethtown stands at $70,938, which places the area in a middle-income bracket. The average market rent of $933 is notably lower than the Fair Market Rent (FMR) set by HUD at $1,180 for FY 2024. This means that the typical rent consumes approximately 15.7% of the local median income, calculated as ($933 / $70,938) * 100%. Given the FMR, landlords have some flexibility to adjust rents upward without significantly deterring potential tenants.
Despite the low percentage of renters, landlords in Elizabethtown can still anticipate a specific type of tenant profile. These tenants are likely to be families who rely on Section 8 vouchers due to their financial situation, often with incomes below the area median. Landlords should prepare for tenants who are committed to paying rent on time, as the program mandates strict adherence to lease terms and timely rent payments. However, they must also be ready to manage the administrative aspects of working with the housing authority and possibly dealing with repairs and maintenance that could affect the property's overall value.
In conclusion, while ZIP 47232 is not heavily reliant on rental housing, landlords can still benefit from accepting Section 8 tenants. They should expect a stable but income-limited tenant base that values affordable housing options. The relatively low market rent compared to the FMR allows for some adjustment in pricing, potentially attracting a broader range of tenants beyond those strictly dependent on vouchers.
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.