Location: Wayne County, IN | Metro: Wayne County, IN
| 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 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47335 in the metro area for fiscal year 2026 is set at $960. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning it's the maximum amount that the government will pay towards a tenant's rent. However, it's important to note that this is not the actual rent you would charge your tenants; rather, it's the ceiling for government contributions.
To put this into perspective, the average rent for ZIP 47335, according to the latest Census American Community Survey (ACS), is $714. This suggests that the FMR is higher than the typical market rate, which can be advantageous if you're looking to participate in the Section 8 program. The difference between the FMR and the average rent indicates that landlords might be able to slightly increase their rents while still remaining within the voucher limits, thus potentially improving their revenue.
The renter share in ZIP 47335 is 30.3%, indicating a significant portion of the population relies on renting. This can translate into a strong demand for rental properties, particularly those that qualify under the Section 8 program. Given the reliance on renting, there is likely a substantial pool of potential tenants who could benefit from the lower rent burden facilitated by the Section 8 vouchers.
Regarding acquisition costs, the data shows it as N/A, which implies there isn't specific information available on the typical cost to acquire a property in ZIP 47335. Despite this, it's crucial to consider other factors such as maintenance costs, insurance, and property taxes when determining whether a Section 8 rental makes financial sense for you.
Before deciding to enter the Section 8 program with your first rental in ZIP 47335, ensure you verify the property meets the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be met for a property to be eligible for Section 8 tenancy. Compliance with HQS ensures your property is safe and habitable, which is essential for both the tenants and the landlord.
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.