Section 8 Fair Market Rent (FMR) for ZIP 47247 - 2027

Location: Columbus, IN | Metro: Columbus, IN MSA

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

129

Median Household Income

$55,179

Housing Units

Renter Percentage

9.0%

Occupancy Rate

97.1%

Renter Occupied

The analysis of the Section 8 program in ZIP 47247 highlights a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 47247 in fiscal year 2024 is set at $1080. However, the market rent data is currently unavailable, indicating a potential discrepancy that needs further investigation.

Given the context of 9.0% of residents being renters and the median household income standing at $55,179, it is crucial for landlords and small-portfolio investors to understand the implications of this gap. When the FMR exceeds the market rent, properties participating in the Section 8 program can offer a higher yield compared to non-participating units. This scenario attracts investors looking for stable, government-backed rental income.

In contrast, if the market rent were higher than the FMR, accepting housing vouchers would mean renting below the open-market rate. This could lead to lower yields and necessitate careful management to ensure profitability. It also requires an understanding of the tenant selection process and the potential challenges associated with voucher administration.

To make informed decisions, landlords and investors should closely monitor the market rent trends in ZIP 47247 and consider the following:

Educational attainment: Only 15.00% of residents hold a bachelor's degree or higher, which may influence the demand for subsidized housing.
Rental population: With 9.0% of residents being renters, the overall rental market is relatively small, potentially impacting vacancy rates and competition.
Housing values: The median home value is not available, but the average home value is $123,400, providing some insight into the general affordability of the area.

Understanding these factors will help in assessing the viability of Section 8 participation and optimizing investment strategies in ZIP 47247.

Data Sources: FMR data from HUD (2027). 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.