Section 8 Fair Market Rent (FMR) for ZIP 47386 - 2027

Location: Henry County, IN | Metro: Muncie, IN MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$850
1 Bedroom	$850
2 Bedrooms	$1,070
3 Bedrooms	$1,310
4 Bedrooms	$1,560
5 Bedrooms	$1,810
6 Bedrooms	$2,027
7 Bedrooms	$2,189
8 Bedrooms	$2,298

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,249

Median Household Income

$79,157

Housing Units

692

Renter Percentage

3.1%

Occupancy Rate

96.8%

Renter Occupied

Housing Authorities Serving ZIP 47386

New Castle Housing Authority (New Castle, IN) - 310 Section 8 vouchers

The ZIP code 47386, located in Indiana, is characterized by a stable housing market with a moderate demand for rental properties. The area offers a mix of residential settings and access to amenities that cater to both homeowners and renters.

The Fair Market Rent (FMR) for ZIP 47386 in fiscal year 2024 is set at $950, providing a benchmark for rental pricing in the area.
The market rent data is currently unavailable, which suggests a need for further investigation into local rental trends and competition.
The median home value stands at $256,435, indicating a middle-class residential area with potential for steady appreciation.
Renters make up only 3.1% of the total population, signaling a predominantly owner-occupied market with limited demand for rental units.
The Days on Market (DOM) data is not available, making it difficult to assess how quickly properties are selling or renting in this area.
The median household income in ZIP 47386 is $79,157, reflecting a community where residents have sufficient financial means to either purchase homes or pay higher rents.

In summary, ZIP 47386 presents a challenging environment for landlords and small-portfolio investors due to its low renter share and the absence of recent market rent data. However, the strong median income and moderate median home values suggest a stable economic foundation that could support property investments over time. Investors should focus on understanding the local rental dynamics and consider the long-term appreciation potential of the area when evaluating investment opportunities.

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.