Location: Randolph 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 | $730 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $130,001 | 0.81% | C |
| 3BR | $1,370 | $173,292 | 0.79% | D |
| 4BR | $1,380 | $207,590 | 0.66% | D |
| 5BR | $1,601 | $204,086 | 0.78% | D |
U.S. Census Bureau data (2024)
If a landlord is considering investing in ZIP code 47394 (Winchester, IN) for Section 8 properties, they should follow this decision tree:
1) Does FMR $990 (metro FY 2026) clear debt service on a $152,960 property?
To determine if the Fair Market Rent (FMR) of $990 can cover the debt service on a property priced at $152,960, we need to calculate the expected monthly mortgage payment. Assuming a standard 30-year fixed-rate mortgage with an interest rate of 5%, the monthly principal and interest payment would be approximately $820.
In this case, the FMR of $990 does exceed the expected monthly mortgage payment of $820, indicating that it would clear debt service. Therefore, the answer to the first question is Yes.
2) Is market rent $797 (Census ACS) above, at, or below FMR?
The market rent for Winchester, IN, is reported at $797 according to the Census ACS. This figure is lower than the FMR of $990, meaning that the market rent is below FMR. Thus, the answer to the second question is No; the market rent does not exceed the FMR.
3) Are 23.3% renters + N/A-day DOM enough demand?
The percentage of renters in Winchester, IN, is 23.3%. Additionally, the number of days on the market (DOM) for rental listings is not available. To evaluate demand, we consider the renter percentage as a primary indicator. A 23.3% rental rate suggests moderate demand for rentals. However, without knowing the DOM, it's challenging to gauge how quickly properties are leased.
It depends. The 23.3% rental rate indicates there is some demand, but it's not high. The lack of data on DOM makes it difficult to assess the leasing speed. If you're willing to accept a moderate rental market, then the answer could lean towards Yes. Otherwise, if you prefer areas with higher demand and quicker turnover, the answer might be No.
Summary:
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.