Location: Wayne County, IN | Metro: Fayette County, IN
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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $126,714 | 0.8% | D |
| 3BR | $1,290 | $200,167 | 0.64% | D |
| 4BR | $1,340 | $239,827 | 0.56% | F |
U.S. Census Bureau data (2024)
The market in ZIP 47327, Indiana, reflects a dynamic equilibrium between supply and demand. The Fair Market Rent (FMR) stands at $960 for the fiscal year 2026, while the current market rent is recorded at $822 according to the Census ACS. This indicates that rental prices are below the government's benchmark, suggesting a slight surplus of rental units or a cautious approach by landlords to keep rents competitive.
A 0.3% price-cut share among listings implies that very few properties are being discounted, which points towards a stable market where sellers are generally able to achieve their asking prices. However, the lack of data on days on market (DOM) means we cannot conclusively determine whether this stability is due to high demand or low supply. Nonetheless, the median home value of $180,804 provides a baseline for property valuation in the area, indicating a relatively affordable housing market.
The 20.2% renter share is significant in understanding the long-term housing pressures. With nearly one-fifth of households choosing to rent, it suggests a steady demand for rental properties. This can be attributed to various factors such as affordability, mobility, or lifestyle preferences. As the number of renters remains consistent, landlords and small-portfolio investors can expect a reliable segment of the population seeking rental accommodation, which supports the sustainability of the rental market.
In summary, ZIP 47327 presents a balanced market with rental prices slightly below the FMR, minimal price cuts, and a notable renter share. These conditions imply a steady demand for both rental and owned properties, making it an attractive location for investors looking to capitalize on the current housing dynamics without speculative risks.
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.