Location: Jennings 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 | $1,110 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,300 | $217,863 | 0.6% | F |
| 3BR | $1,730 | $256,174 | 0.68% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47273, Scipio, Indiana, for fiscal year 2024 is set at $1,200. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 program. It's important to note that this is not the rent you would charge all tenants, but rather the ceiling for those receiving housing assistance.
To put this into perspective, the average rent for the area, according to the Census Bureau's American Community Survey (ACS), is $1,203. This indicates that the FMR closely aligns with the actual market rates, making it a reasonable benchmark for your rental pricing if you decide to participate in Section 8.
The FMR also helps gauge the potential demand for your rental property. In Scipio, the renter share of the population is 8.4%. This means that approximately 8.4% of residents are likely to be looking for rental housing. Given the FMR and the local average rent, there is a good chance that a portion of these renters will be interested in Section 8 properties due to the affordability it provides.
If you're considering purchasing a property to rent out under Section 8, the median home value in Scipio is around $256,712. This gives you an idea of the initial investment required to acquire a property suitable for this type of rental. Keep in mind that the FMR does not cover the entire cost of renting; landlords must ensure that the FMR plus any additional rent from the tenant covers the mortgage, maintenance, and other expenses associated with owning a rental property.
Before committing to a Section 8 rental property, it's crucial to verify that the property meets the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and ensure that the property is safe, decent, and sanitary. A property inspection will confirm whether your rental unit is compliant with these requirements, which is essential for securing a Section 8 tenant.
In summary, the FMR of $1,200 in Scipio for fiscal year 2024 is a key figure to understand when considering a Section 8 rental. It closely matches the local average rent of $1,203, indicating a balanced market. With 8.4% of the population as renters, there is a steady demand for affordable housing. The median home value of $256,712 suggests the price range for acquiring a property. Ensure your property meets HQS to proceed confidently with a Section 8 tenant.
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.