Location: Columbus, 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 | $1,330 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,880 | $204,671 | 0.92% | C |
U.S. Census Bureau data (2024)
The ZIP code 47280 stands out due to its unique mix of a relatively low number of residents—only 1,248—and a high median home value of $196,227. Despite the high property values, 30.2% of the population rents their homes, indicating a significant portion of the community relies on rental housing.
From an economic standpoint, the Section 8 voucher program in ZIP 47280 offers a Fair Market Rent (FMR) of $1,080 for fiscal year 2024. This figure contrasts sharply with the Census Bureau's American Community Survey (ACS), which reports the market rent at $1,283. This discrepancy suggests that landlords accepting vouchers might face a slight reduction in rental income compared to market rates. However, the stability provided by government-backed payments can be a significant advantage over relying solely on market fluctuations.
The data signature for ZIP 47280 reads as stable. The high median home value indicates a relatively affluent area, while the percentage of renters shows a demand for affordable housing options. Landlords should consider the benefits of long-term, reliable tenants provided by the voucher system, despite the lower rent rates compared to the market. Given the specific economic conditions, the potential for consistent occupancy and reduced vacancy rates could outweigh the difference in rental income between FMR and market rates.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.