Location: Wayne County, IN | Metro: Henry 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 | $152,321 | 0.66% | D |
| 3BR | $1,290 | $225,541 | 0.57% | F |
| 4BR | $1,340 | $255,700 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 47346 represents a portion of Hagerstown, IN, which is a small town with a total population of 3,876 residents. In this area, only 13.9% of the residents are renters, indicating a predominantly owner-occupied community. The median household income in this region stands at $70,000, reflecting a middle-class demographic. Additionally, the median home value is $207,598, suggesting that property ownership is relatively affordable compared to larger metropolitan areas.
When it comes to rental economics, the Federal Market Rent (FMR) for ZIP 47346 is set at $960 for fiscal year 2026, which is significantly higher than the current market rent of $694 as reported by the Census Bureau's American Community Survey (ACS). This disparity between FMR and market rent highlights a potential opportunity for landlords and small-portfolio investors who can leverage the higher voucher payments to achieve better returns on their investment properties.
Given the characteristics of ZIP 47346, it is well-suited for a hands-off voucher operator. The low percentage of renters suggests limited competition for rental units, and the higher FMR compared to market rent ensures a steady stream of income without the need for active management. However, for a hands-on value-add buyer, there may be room to improve property values and rents over time, especially considering the relatively low median home value and the potential for increasing rental demand as the area grows and evolves.
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.