Location: Grant County, IN | Metro: Wells County, IN HUD Metro FMR Area
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 | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $102,897 | 0.98% | C |
| 3BR | $1,380 | $161,452 | 0.85% | C |
| 4BR | $1,600 | $183,672 | 0.87% | C |
| 5BR | $1,856 | $223,510 | 0.83% | C |
U.S. Census Bureau data (2024)
The ZIP code 47348 is situated in Hartford City, IN, representing a modest-sized community with a total population of 9,080. Approximately 26.7% of residents are renters, indicating a neighborhood where a significant portion of the populace depends on rental housing. The median household income in this area is $50,426, which reflects a middle-class community. Median home values stand at $142,106, suggesting that homeownership is relatively affordable compared to national averages.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 47348 is set at $960 for the fiscal year 2026, as determined by HUD. However, the actual market rent, according to the Census ACS, is significantly lower at $705 per month. This disparity between the FMR and market rent presents an opportunity for landlords and investors who can leverage the higher FMR rates through participation in the Section 8 program.
Given these conditions, ZIP 47348 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the steady stream of government-subsidized rents ensures reliable income without the need for active property management. Meanwhile, value-add buyers can capitalize on the potential to increase rents closer to the FMR levels by improving properties, thereby enhancing their profitability. Both strategies can be effective, depending on the investor's goals and risk tolerance.
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.