Location: Orange County, IN | Metro: Lawrence County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
ZIP code 47446, located in Mitchell, IN, within the Orange County, IN metro area, presents a unique set of characteristics that distinguish it from other ZIP codes in the region. The Fair Market Rent (FMR) for ZIP 47446 is $960, which aligns closely with the metro's FMR for fiscal year 2026. However, the actual market rent in 47446 is lower at $880, indicating that it may offer slightly better value for rental properties compared to the broader metro average.
The median home value in ZIP 47446 stands at $195,020, which is notably below the typical home values found in other ZIP codes within Orange County, IN. This suggests that 47446 could be considered a value pocket, where property investments can be made at a lower cost without sacrificing too much in terms of rental income potential. The 21.0% renter share is a key indicator for landlords and small-portfolio investors, as it signifies a significant portion of the population is likely renting their homes.
A high renter share combined with below-average home values often points to an area with a strong presence of government-assisted housing programs, such as Section 8. In Mitchell, IN, this combination makes it a potentially attractive location for landlords who cater to Section 8 tenants, as they can secure rental properties at a relatively low price point while still receiving competitive rental rates through the government subsidy program.
To summarize, ZIP 47446 appears to be a value pocket within the Orange County, IN metro, offering lower home values and slightly above-market rents when considering the FMR. The 21.0% renter share, coupled with the below-average home values, indicates a favorable environment for landlords participating in Section 8 programs, providing an opportunity to invest in a stable rental market with good returns relative to the initial investment costs.
Data Sources: FMR data from HUD (2027). 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.