Location: Decatur County, IN | Metro: Decatur County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
U.S. Census Bureau data (2024)
The ZIP code 47263 is characterized by a significant rental population, with 44.2% of residents being renters. This indicates that it is indeed a renter-heavy area, likely to have a robust demand for housing vouchers under the Section 8 program. The median household income stands at $68,750, which is a key figure when assessing the affordability of housing in this region.
The typical market rent in ZIP 47263 is $1,234 per month. To put this into perspective, the average rent constitutes approximately 18% of the median household income. This calculation is derived from dividing the annual median income ($68,750) by 12 to get the monthly income ($5,729.17), and then dividing the market rent ($1,234) by the monthly income to determine the percentage (approximately 21.5%). This shows that rent is a substantial portion of income, highlighting the importance of subsidies such as Section 8 vouchers.
Comparatively, the Fair Market Rent (FMR) for the metro area, set at $1,300 for FY 2026, is slightly higher than the current market rent. This suggests that the housing costs in ZIP 47263 are below the average for the broader metropolitan area, making it potentially more attractive for voucher holders seeking affordable housing options.
A landlord in ZIP 47263 can expect tenants who rely on Section 8 vouchers to have a household income around the median or below. These tenants will be looking for units where the rent is subsidized to fit within their budget, typically allowing them to spend no more than 30% of their adjusted income on housing. Given the high percentage of renters and the relatively low market rent compared to the FMR, landlords should prepare for a steady demand from tenants utilizing Section 8 assistance. They should ensure their properties meet HUD standards and be ready to manage the administrative requirements associated with accepting vouchers.
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.