Section 8 Fair Market Rent (FMR) for ZIP 47340 - 2027

Location: Randolph County, IN | Metro: Randolph County, IN

Investment Score for ZIP 47340

Monthly Rent (2BR)

$1,080

Median Price (2BR)

$144,207

1% Rule

0.75%

Annual Yield

8.99%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$990
2 Bedrooms	$1,080
3 Bedrooms	$1,410
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,080	$144,207	0.75%	D
3BR	$1,410	$189,021	0.75%	D
4BR	$1,420	$237,873	0.6%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,051

Median Household Income

$63,205

Housing Units

1,421

Renter Percentage

23.9%

Occupancy Rate

91.9%

Renter Occupied

312

The ZIP code 47340, located in Farmland, Indiana, represents a modest-sized rural community that benefits from being part of a larger metro area, which can influence rental demand and property values. This region offers a balanced mix of homeownership and rental opportunities, making it an interesting market for both small-scale investors and landlords.

Fair Market Rent (FMR): $1,000 - The projected Fair Market Rent for a two-bedroom apartment in the metro area for fiscal year 2026 stands at $1,000, indicating a stable and predictable rental environment for investors.
Market Rent: $876 - According to Census ACS data, the current average market rent for a similar unit in Farmland is $876, suggesting there's potential for rental price increases to align with the metro FMR.
Median Home Value: $173,410 - The median home value in the area is $173,410, providing a relatively affordable entry point for real estate investment compared to urban centers.
Renter Share: 23.9% - With 23.9% of residents renting their homes, there's a significant but not overwhelming demand for rental properties, balancing against homeownership opportunities.
Median Income: $63,205 - The median household income of $63,205 suggests that residents have the financial stability to meet rental obligations, reducing the risk of default for landlords.

In summary, Farmland, IN, represented by ZIP code 47340, presents a favorable market for real estate investment with moderate property values and a growing rental sector. The discrepancy between the current market rent and the projected metro FMR indicates a positive outlook for rental price appreciation. Additionally, the median income level supports tenant reliability, ensuring steady cash flows for landlords. The balanced mix of renters and homeowners provides diversification for small-portfolio investors looking to capitalize on both rental and resale markets.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.