Location: Jay County, IN | Metro: Jay County, IN
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 47381 stands out due to its unique characteristics that set it apart from other areas. With a total of 218 residents, this ZIP is notably small, making it a niche market for real estate investment. The rental market represents 30.6% of the housing stock, indicating a significant demand for rental properties. However, the median income of $44,464 suggests that many residents may rely on assistance programs such as Section 8 vouchers to afford housing. Notably, there is no available data on the median home value, which could imply a lack of traditional homeownership activity in the area.
Moving into the specifics of voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960. This figure is significantly lower than the market rent of $1,286, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy means that landlords accepting Section 8 vouchers in ZIP 47381 can expect to receive a fixed payment of $960 per month, regardless of the actual market conditions. Given the gap between the FMR and the market rent, landlords might find themselves undercompensated if they rely solely on Section 8 vouchers to fill their units.
Based on the data signature of ZIP 47381, the area reads as "stable" rather than "transitional." The consistent median income and the presence of a defined rental market indicate a settled community. However, the reliance on Section 8 vouchers and the low FMR compared to market rents suggest that the area may face challenges in attracting high-income tenants or achieving premium rents. Landlords and small-portfolio investors should consider these factors when evaluating the potential returns on investment in this ZIP code.
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.