Location: Jay County, IN | Metro: Jay 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 | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $780 | $87,969 | 0.89% | C |
| 2BR | $1,010 | $117,291 | 0.86% | C |
| 3BR | $1,340 | $179,074 | 0.75% | D |
| 4BR | $1,340 | $214,744 | 0.62% | D |
| 5BR | $1,554 | $237,475 | 0.65% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 47371, encompassing Portland, IN, and the Jay County, IN metro area, does not favor landlords. The Fair Market Rent (FMR) set at $960 for fiscal year 2026 contrasts sharply with the actual market rent of $754 based on recent Census ACS data. This discrepancy means that properties priced at the FMR would likely struggle to attract tenants willing to pay above the current market rate.
Acquisition costs are relatively low, with a median home value of $163,879. However, the lack of data on days on market (DOM) and the fact that only 0.3% of listings require price cuts suggest a stable but not particularly dynamic housing market. Landlords should proceed with caution, considering the potential for limited upside in property appreciation.
Tenant demand in ZIP 47371 is modest. With a total population of 12,424, approximately 21.2% are renters. This indicates a smaller pool of potential tenants compared to areas with higher renter shares, which could impact occupancy rates and the speed at which units can be filled.
Verdict: While the acquisition cost is reasonable, the mismatch between the FMR and market rent, coupled with a modest tenant demand, suggests that investing in ZIP 47371 may not be highly profitable. Landlords should focus on finding properties that can be rented close to the market rate of $754 to ensure financial viability. The stability of the housing market provides some security, but the overall environment is less favorable for generating significant rental income or capital gains.
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.