Section 8 Fair Market Rent (FMR) for ZIP 47272 - 2027

Location: Rush County, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area

Investment Score for ZIP 47272

Monthly Rent (2BR)

$1,180

Median Price (2BR)

$175,831

1% Rule

0.67%

Annual Yield

8.05%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$890
1 Bedroom	$950
2 Bedrooms	$1,180
3 Bedrooms	$1,450
4 Bedrooms	$1,670
5 Bedrooms	$1,937
6 Bedrooms	$2,169
7 Bedrooms	$2,343
8 Bedrooms	$2,460

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,180	$175,831	0.67%	D
3BR	$1,450	$235,637	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,844

Median Household Income

$75,117

Housing Units

826

Renter Percentage

17.4%

Occupancy Rate

89.2%

Renter Occupied

128

Saint Paul, IN, located in ZIP code 47272, is a small town with a growing interest in rental properties, particularly those eligible for Section 8 subsidies. The area offers a mix of affordable housing options and a relatively stable economy, making it attractive for both tenants seeking subsidized housing and landlords looking for reliable investments.

The Fair Market Rent (FMR) for ZIP 47272 is set at $1230 per month for fiscal year 2024, indicating the maximum amount that can be charged to Section 8 recipients.
The average market rent in Saint Paul, according to Census ACS data, is $919 per month, suggesting that properties within the Section 8 limit could attract a broader tenant pool.
The median home value in the area is $217,326, which reflects the overall cost of living and property values in Saint Paul.
Renters make up 17.4% of the housing market, showing a moderate demand for rental units.
The median income in Saint Paul is $75,117, providing insight into the financial stability of potential residents.

Investors considering Saint Paul, IN, for their portfolio should note the favorable gap between the market rent and the Section 8 FMR, allowing for potentially higher returns on investment. The median home value suggests a moderate investment cost, while the median income indicates a financially stable population capable of meeting rent obligations. However, the relatively low renter share implies a need for targeted marketing to reach the right audience. Overall, Saint Paul presents a balanced opportunity for those willing to navigate the nuances of the local rental market.

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.