Location: Wayne County, IN | Metro: Wayne County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,030 for ZIP 47324 can sufficiently cover the mortgage on a home in this area. According to recent data from Redfin and Zillow, the median home value in ZIP 47324 is significantly below the state average, standing at approximately $156,510. While the exact mortgage amount cannot be determined without knowing the specific property's purchase price and loan terms, it's important to note that homes in this ZIP code are generally more affordable than those in other parts of Indiana. This means that a mortgage payment based on these home values could be lower than what one might expect in a larger metropolitan area.
The investor may also wonder if there is enough renter demand at 45.7%. The data indicates that while the majority of housing units are owner-occupied, there is still a notable percentage of renters in ZIP 47324. The presence of a significant portion of renters suggests that there is demand for rental properties. However, the data does not provide a detailed breakdown of the types of renters or their preferences, so it's crucial for investors to conduct further research into the local rental market to ensure that there is sufficient demand for their type of property.
Another concern could be whether housing vouchers will keep pace with market rents of $923. Unfortunately, the data does not provide specific trends regarding voucher usage in ZIP 47324. Vouchers are often tied to government funding and can vary widely depending on federal and state policies. Given the historical context of housing voucher programs, it is reasonable to assume that they will continue to provide some level of support for low-income renters. However, investors should be aware that relying solely on voucher-supported tenants may pose financial risks if the program's funding levels fluctuate.
In summary, while the data provides insights into the affordability of homes and the presence of renters in ZIP 47324, it does not fully address all concerns. Investors should consider conducting additional research to better understand the local rental market dynamics and the stability of housing voucher programs in the area.
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.