Location: Jennings County, IN | Metro: Jennings County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The median income in ZIP code 47282 stands at $78,750. At first glance, the $725 market rate rental price seems affordable. However, the reality is more nuanced when considering the Full Market Rent (FMR) of $960, which is the standard payment for housing vouchers in the metro area for fiscal year 2026.
A household earning the median income would struggle to meet the FMR of $960, especially if they are already accustomed to paying the lower market rate of $725. This indicates a significant affordability gap for renters in this area.
With only 23.7% of the 193 residents being renters, the competition among landlords is likely to be fierce. The limited number of potential tenants means that landlords must carefully consider their pricing and tenant selection strategies.
Landlords in ZIP 47282 should take note of these figures. Offering units at the market rate of $725 might attract more tenants, but it leaves little room for profit margins compared to the FMR. On the other hand, accepting vouchers that pay up to $960 could provide better financial returns, though it comes with the administrative burden and sometimes longer wait times associated with voucher programs.
The takeaway for landlords is clear: while market-rate rentals might secure quicker tenancies, the higher payments through voucher programs could offer a more sustainable income stream. Landlords should weigh the benefits of each strategy based on their operational costs and financial goals.
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.