Location: Wayne County, IN | Metro: Fayette 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 | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,280 | $224,904 | 0.57% | F |
| 4BR | $1,350 | $278,835 | 0.48% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 47357 presents a dynamic scenario where the Federal Market Rent (FMR) is set at $960 for fiscal year 2026, while the current market rent, based on Census ACS data, stands at $783. This discrepancy suggests that there may be a growing gap between what the government deems as fair market rent and what the local market is currently offering. The median home value in the area is $209,144, which is a key figure for homeownership but less directly relevant to rental dynamics.
A critical aspect of the rental market here is the 11.9% renter share. This percentage indicates that a significant portion of the population in 47357 relies on rental housing, which can imply persistent long-term housing pressure. In markets with higher renter shares, there's often a greater need for affordable housing options, and this can influence both the rental prices and the overall housing demand.
The lack of data regarding the percentage of price-cut share and days on market (DOM) means we cannot definitively state whether supply outpaces demand or vice versa. However, the lower market rent compared to the FMR could suggest that the current supply meets or slightly exceeds demand, allowing rents to remain below the federally determined rate. Yet, without precise measures of vacancy rates or new construction activity, it's challenging to pinpoint the exact balance between supply and demand.
In summary, ZIP 47357 is a market characterized by a notable renter population and a potential upward trend in rental prices, as indicated by the difference between the FMR and the current market rent. Landlords and small-portfolio investors should monitor these indicators closely to understand the evolving landscape of this particular housing market.
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.