Section 8 Fair Market Rent (FMR) for ZIP 47339 - 2027

Location: Wayne County, IN | Metro: Wayne County, IN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$900
2 Bedrooms	$1,120
3 Bedrooms	$1,430
4 Bedrooms	$1,480
5 Bedrooms	$1,717
6 Bedrooms	$1,923
7 Bedrooms	$2,077
8 Bedrooms	$2,181

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

528

Median Household Income

$70,833

Housing Units

203

Renter Percentage

16.8%

Occupancy Rate

93.6%

Renter Occupied

Housing Authorities Serving ZIP 47339

Housing Authority of the City of Richmond (Richmond, IN) - 277 Section 8 vouchers

The ZIP code 47339, located in Indiana, is a suburban area that offers a mix of residential and commercial properties. It is characterized by a moderate cost of living and a diverse rental market. This analysis provides insights into the housing market conditions, focusing on key metrics relevant for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a one-bedroom apartment in the metro area for fiscal year 2026 is set at $1,050.
The market rent for the same type of unit, according to the latest Census ACS data, stands at $931.
The median home value in ZIP 47339 is $226,069, reflecting the typical price range for homeownership.
Renters make up 16.8% of the population, indicating a modest but stable rental demand.
The median income of residents is $70,833, which suggests that there is a reasonable financial capacity among tenants to cover rental costs.

Investors looking to enter the ZIP 47339 market can expect a balanced environment where rental prices are slightly below the fair market rent, making it attractive for both property owners and tenants. The median home value indicates a middle-class neighborhood, while the median income supports the affordability of the market rent. With a renter share of 16.8%, there is a steady demand for rental properties, though not excessively high. These factors combined present a viable opportunity for those interested in long-term, stable investments in this suburban 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.