Location: Greene County, IN | Metro: Greene 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 | $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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $111,779 | 0.97% | C |
| 3BR | $1,350 | $159,670 | 0.85% | C |
U.S. Census Bureau data (2024)
The ZIP code 47443, located in Lyons, IN, Greene County, IN metro area, offers a strategic opportunity for Section 8 portfolio inclusion. This area stands out as a cash-flow anchor due to the significant spread between the Fair Market Rent (FMR) for the metro area in fiscal year 2026 and the local market rental rates.
The FMR for a one-bedroom unit in the 47443 metro area for FY 2026 is $1,010. In contrast, the current market rental rate for a similar unit in ZIP 47443 is $894, indicating a spread of $116 per month. This difference ensures that landlords can generate positive cash flow when renting to tenants participating in the Section 8 program. The median home value in ZIP 47443 is $146,534, which is relatively low compared to other areas, making it an attractive option for small-portfolio investors looking to maximize their investment returns.
The lack of specific data on price-cut shares and days on market (DOM) suggests that the area does not present a strong case for appreciation plays. However, the area does offer diversification benefits. With a renter share of 18.7%, there is a substantial portion of the population that relies on rental housing. Additionally, the median income in ZIP 47443 is $58,274, which aligns well with the financial capabilities of many Section 8 participants.
In summary, ZIP 47443 is best suited as a cash-flow anchor within a Section 8 portfolio strategy. The favorable rent spread between the FMR and market rates allows landlords to achieve steady, predictable cash flows. While appreciation potential is less clear, the diversification benefits make it a valuable addition to any investor's real estate holdings.
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.