Location: Jennings County, IN | Metro: Decatur County, IN
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 | $770 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $154,057 | 0.67% | D |
| 3BR | $1,370 | $222,988 | 0.61% | D |
| 4BR | $1,430 | $289,633 | 0.49% | F |
| 5BR | $1,659 | $355,844 | 0.47% | F |
U.S. Census Bureau data (2024)
The market in ZIP 47265, encompassing North Vernon, IN, presents a dynamic equilibrium between supply and demand. The Fair Market Rent (FMR) stands at $970, set for the fiscal year 2026, aligning closely with the current market rent of $975 as reported by the Census Bureau's American Community Survey (ACS). This parity suggests that rental prices are stable and reflective of the area's economic conditions.
A critical indicator of market health is the price-cut share, which is currently at 0.2%. This low figure implies that landlords are generally not compelled to reduce their asking rents to attract tenants, indicating a strong demand for rental properties. The median home value of $214,916 also supports the notion that the local economy can sustain these prices without significant downward pressure.
The lack of available data on days on market (DOM) could imply that listings are moving quickly, further suggesting a robust demand for both rentals and purchases. However, it is essential to consider the 23.1% renter share in the broader context. A higher proportion of renters often indicates underlying housing pressures, such as affordability constraints or transient employment opportunities. In the long term, this percentage signals potential challenges for homeownership, as a significant portion of the population relies on rental housing.
Overall, the current snapshot of ZIP 47265 points towards a market where demand meets supply, but the high renter share hints at deeper housing issues that could affect future market dynamics. Landlords and small-portfolio investors should monitor these trends closely to make informed decisions about their 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.