Location: Henry County, IN | Metro: Henry County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 47351 is located in a rural area with a small community feel, characterized by its modest population size of 397 residents. The area has a low percentage of renters at just 6.2%, indicating that homeownership is prevalent among the locals. With a median household income of $57,813, it suggests that the majority of residents are financially stable but not in high-income brackets. The median home value stands at $152,005, reflecting an affordable housing market where homes are accessible to middle-income families.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 47351 is set at $1,230 for the metro fiscal year 2026, while the actual market rent is recorded at $1,083 according to the Census ACS. This indicates that properties in this ZIP code can potentially benefit from the Section 8 program, which may help landlords fill vacancies and ensure steady rental income.
Given these economic indicators, ZIP 47351 would be well-suited for a hands-off voucher operator. The relatively low number of renters and the affordability of both homes and rentals suggest that there is limited competition for rental properties, making it easier for landlords to manage their investments without requiring extensive tenant screening or property management services. For a hands-on value-add buyer, however, the opportunity might be less compelling due to the limited potential for increasing rental rates beyond the current market levels.
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.