Location: Lawrence County, IN | Metro: Bloomington, 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 | $900 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $191,061 | 0.61% | D |
| 3BR | $1,430 | $262,856 | 0.54% | F |
U.S. Census Bureau data (2024)
ZIP code 47436, Heltonville, IN, is primarily a homeowner-dominated area with only 12.4% of its population renting. This indicates that the rental market is relatively small compared to the number of homeowners. The median household income in this ZIP is $75,278, which provides context for evaluating the affordability of housing.
The typical market rent for this area stands at $799. To put this into perspective, the monthly market rent consumes approximately 10.6% of the median household income. This calculation is based on dividing the annual median income by 12 to get a monthly figure, then comparing it to the market rent. The Fair Market Rent (FMR), set at $1020 for FY 2024, represents a higher threshold, indicating that some renters might require assistance to cover the cost of housing.
The discrepancy between the market rent and FMR suggests that there could be a segment of renters who rely on housing vouchers. However, given the low percentage of renters, the overall demand for vouchers is likely limited. Landlords in this area should anticipate tenants who are financially stable enough to afford rent close to the market rate but may still seek some level of assistance due to the higher FMR. These tenants will most likely be working individuals or families who can demonstrate financial stability and a consistent source of income.
In summary, while ZIP 47436 has a modest rental market, the income levels suggest that tenants are capable of contributing a significant portion of their income towards rent without complete reliance on vouchers. The expected tenant profile includes those who can pay around $799 in rent and potentially have a voucher to help bridge the gap to the FMR of $1020.
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.