Location: Henry County, IN | Metro: Anderson, 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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $165,230 | 0.66% | D |
| 3BR | $1,440 | $251,990 | 0.57% | F |
| 4BR | $1,520 | $292,115 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 47356, located in Middletown, Indiana, within the Henry County metro area, presents a unique set of characteristics when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 47356 is set at $1020 for fiscal year 2024, while the average market rent stands at $846. This suggests that the government's estimate for affordable housing rental rates is higher than what the market typically offers, indicating a potential subsidy advantage for landlords participating in Section 8 programs.
The median home value in ZIP 47356 is $239,966, which is relatively low compared to many other areas in Henry County. This lower home value combined with a significant 19.7% renter share points towards a possible concentration of rental properties that cater to lower-income households, a common feature in Section 8 neighborhoods.
In Henry County, ZIP codes with similar characteristics can be considered as value pockets, where the combination of lower property values and a substantial renter population can make it attractive for landlords seeking stable rental income supported by government subsidies. The fact that the FMR exceeds the market rent by a considerable margin ($174) further emphasizes the potential benefits for landlords who can secure tenants through the Section 8 program, as they would receive higher rents than the local market rate.
However, it is important to note that the overall economic environment and the demand for rental properties in the broader Henry County metro area will also influence the attractiveness of ZIP 47356. If the county as a whole has a robust economy and strong demand for rentals, this could support higher rents and property values across all ZIP codes. Conversely, if the broader economic conditions are weak, the lower median home value and higher FMR might indicate a challenging but potentially rewarding market for those willing to invest in affordable housing.
Given the specific figures, ZIP 47356 appears to be a value pocket within the Henry County metro, particularly appealing to landlords and investors interested in Section 8 properties due to its favorable subsidy-to-market rent ratio and significant renter share.
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.