Location: Wayne County, IN | Metro: Wayne County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
In ZIP code 47370, the economics of Section 8 housing can be quite favorable for landlords when understood correctly. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $990 per month for fiscal year 2026. This figure is specific to ZIP 47370 and is higher than the local market rent, which averages at $930 per month according to the latest Census ACS data.
The SAFMR of $990 is the maximum amount that the Housing Choice Voucher program will pay towards a tenant's rent. However, it's important to note that this is not the full amount a landlord will receive. The voucher payment is calculated based on the tenant's ability to pay, which is typically 30% of their adjusted income. If the tenant's portion of the rent plus any utility allowances does not reach the full SAFMR, the landlord will receive the difference from the government.
To illustrate, if a tenant's portion of the rent is $400, and they have a utility allowance of $100, the total contribution from the voucher would be $500. In this case, the government would cover the remaining $490 to bring the total rent up to the SAFMR of $990. This ensures that landlords receive the full SAFMR even if the tenant's share is less than the total rent.
It's also worth noting that the SAFMR applies specifically to this ZIP code, meaning that it is tailored to the local rental market conditions rather than being a uniform rate across a larger area. This specificity helps ensure that the rent is competitive and landlords can attract tenants without losing out on potential revenue.
In summary, landlords in ZIP 47370 can expect a reimbursement that covers the full SAFMR of $990 for a two-bedroom unit, even if the tenant's portion plus utility allowances do not reach this amount. Given that the local market rent is lower at $930, landlords participating in the Section 8 program can often command slightly higher rents than those charged to non-voucher tenants, resulting in a $60 surplus per month on average. This surplus can help offset administrative costs associated with renting to Section 8 tenants, making it a financially viable option for landlords.
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.