Location: Decatur 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 | $1,280 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,800 | $276,060 | 0.65% | D |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 47244 in Decatur County, Indiana, reveals a favorable environment for rental properties. The HUD Fair Market Rent (FMR) for the area is set at $1040 for the fiscal year 2024, which is higher than the average market rent of $972 as reported by the Census Bureau's American Community Survey (ACS).
This indicates that voucher tenants will generally cashflow at the HUD FMR, providing a positive financial outlook for landlords. However, it's important to note that the difference between the HUD FMR and the market rent is relatively small, suggesting that landlords may need to maintain competitive pricing to attract non-voucher tenants.
The median home value in ZIP 47244 is $261,588. Using the HUD FMR of $1040, we can calculate the rent-to-price ratio as approximately 0.47%, which is indicative of a stable rental market. This ratio suggests that the rental income generated from properties in this area is a reasonable percentage of their value, making it an attractive option for investors seeking steady returns.
Regarding the days on market (DOM) and the percentage of homes that have been price-cut, these metrics are not available. However, the comparison between the HUD FMR and the market rent provides insight into the rent-versus-buy dynamics. Given the higher FMR compared to the market rent, voucher tenants are likely to be a significant part of the rental market, stabilizing demand and ensuring a consistent stream of income.
The strongest investor angle in ZIP 47244 is cashflow, due to the higher HUD FMR relative to the market rent, which allows for a margin of error in expenses while still maintaining profitability.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.