Location: Greene County, IN | Metro: Terre Haute, 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 | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $94,883 | 1.11% | B |
| 3BR | $1,300 | $164,359 | 0.79% | D |
| 4BR | $1,560 | $204,034 | 0.76% | D |
U.S. Census Bureau data (2024)
The median income in ZIP 47438, which encompasses Jasonville, IN, stands at $56,941 per year. Given the market rate for rent at $811 per month, it becomes evident that housing costs represent a significant portion of the average household budget. To put this into perspective, annual rent expenditure at the market rate would be approximately $9,732, accounting for roughly 17% of the median yearly income.
Comparatively, the Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development for ZIP 47438 in fiscal year 2024 is $880. This means that the voucher payment standard exceeds the current market rate by $69 per month. For households receiving Section 8 vouchers, this higher payment standard could make the difference between finding affordable housing and being priced out of the market.
With 20.9% of the 4,180 population being renters, there is a notable segment of the community relying on rental housing. However, the affordability gap between the median income and both the market rate and FMR suggests that many renters may struggle to cover their housing costs without assistance. This dynamic creates a competitive environment for landlords, as they must balance the benefits of accepting Section 8 vouchers against the potential for cash-paying tenants who might offer higher rents but are less common due to financial constraints.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. Accepting Section 8 vouchers can provide a stable source of income, especially given that the voucher payment standard is above the current market rate. While cash-paying tenants may offer slightly higher rents, the limited number of households capable of affording these rates means that voucher tenants are a reliable option. Landlords should weigh the stability and security of voucher payments against the potential risks and uncertainties associated with cash-paying tenants who may face greater financial pressures.
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.