Location: Wayne County, IN | Metro: Wayne 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 | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $140,002 | 0.76% | D |
| 3BR | $1,340 | $264,907 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 47345, located in Greens Fork, Indiana, within Wayne County, stands out due to its unique demographic and economic characteristics. With a population of 1,362 residents, only 12.4% of whom rent their homes, it is predominantly a homeownership area. The median income here is $73,750, indicating a middle-class community. The median home value is notably high at $244,068, suggesting that the local housing market is robust and valued.
When considering the Section 8 voucher program, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $970. This figure is slightly above the current market rent of $957, based on Census American Community Survey (ACS) data. This means that landlords in ZIP 47345 can expect a reasonable margin when accepting vouchers, making it an attractive option for those looking to stabilize their rental income.
The data signature for ZIP 47345 reads as stable. The relatively low percentage of renters suggests a strong preference for homeownership, which could indicate a mature and settled community. The slight increase in FMR over the market rent provides a positive outlook for voucher acceptance without significant risk. Landlords and small-portfolio investors should find the environment conducive to long-term investment, with little indication of major transitional shifts in the near future.
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.