Location: Wayne County, IN | Metro: Randolph 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 | $1,070 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $170,853 | 0.83% | C |
| 3BR | $1,790 | $267,533 | 0.67% | D |
| 4BR | $1,860 | $323,814 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 47393, located in Williamsburg, Indiana, presents a unique balance between yield and stability for real estate investors. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,340. However, the market rent for the area is currently at $834, indicating a significant gap between what the government deems fair and what the market is willing to bear. This discrepancy suggests that while there is potential for higher yields through government-subsidized rental programs, such as Section 8, the actual cash flow from market rents will be lower.
The median home value in the area is $250,356, which provides a benchmark for property investment costs. Given the lower market rent compared to the FMR, investors should be prepared for a scenario where they might rely heavily on Section 8 vouchers to achieve higher rental incomes.
On the stability axis, the area has a relatively low percentage of renters at 24.9%, which implies a primarily owner-occupied community. This characteristic can reduce the overall demand for rental properties and potentially increase vacancy rates. Additionally, the median household income is listed at $71,111, which is an important figure for assessing the financial health of potential tenants and their ability to pay rent consistently.
The lack of data on the number of days on market (DOM) makes it challenging to assess the turnover rate and the ease of finding tenants. However, considering the lower percentage of renters and the income level, the area leans more towards a steady-cashflow zone rather than a high-yield/low-stability market. The consistent income levels suggest a stable tenant pool, but the limited rental demand means that achieving high yields solely through market rents is unlikely.
In conclusion, ZIP 47393 is best classified as a steady-cashflow zone due to its moderate rental income potential and stable income levels among residents. Investors looking to enter this market should focus on long-term strategies and consider leveraging Section 8 vouchers to enhance their rental yields.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.