Location: Greene County, IN | Metro: Owen County, IN HUD Metro FMR Area
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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $830 | $168,169 | 0.49% | F |
| 2BR | $1,080 | $177,982 | 0.61% | D |
| 3BR | $1,350 | $235,052 | 0.57% | F |
| 4BR | $1,630 | $315,852 | 0.52% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 47424, Bloomfield, Indiana, stands at $72,558. This figure provides insight into the financial capabilities of the average household when it comes to paying rent. The market rate for rent, according to Census ACS data, is $825. To evaluate affordability, consider that the typical recommendation is for housing costs to not exceed 30% of a household's gross income. At $825 per month, the annual cost would be $9,900, which is approximately 13.65% of the median income. This suggests that most households could comfortably afford the market rate without straining their finances.
However, the Federal Market Rent (FMR) for ZIP 47424 in fiscal year 2024 is set at $900. This means that landlords who accept Section 8 vouchers will receive a higher monthly payment compared to the current market rate. The difference between the market rate and the FMR indicates an affordability gap where the government aims to provide support above what the market demands, potentially making voucher homes more attractive to tenants.
With 21.9% of the population being renters and a total population of 8,861, there are roughly 1,943 rental households in Bloomfield. The affordability gap, where the government pays more than the market rate, can impact landlord competition. Landlords who accept vouchers might see less competition from other property owners since they can offer a better deal to tenants. Conversely, those relying solely on market-rate rents must compete on factors such as location, amenities, and maintenance quality.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. Accepting Section 8 vouchers can secure a steady, government-backed income that exceeds the market rate, reducing the risk of vacancy and providing a reliable source of revenue. However, landlords should also weigh the administrative complexities and potential limitations associated with voucher programs. For small-portfolio investors, the decision to accept vouchers should be made based on the balance between guaranteed income and the ease of managing properties without the constraints imposed by government subsidies.
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.