Location: Indianapolis-Carmel, 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 | $1,000 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,120 | $261,249 | 0.43% | F |
| 2BR | $1,290 | $300,417 | 0.43% | F |
| 3BR | $1,670 | $388,641 | 0.43% | F |
| 4BR | $2,030 | $498,367 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 47448, located in Nashville, IN, has a population of 8,117 residents. Among these, only 17.3% are renters, indicating that this area is primarily dominated by homeowners rather than renters. This suggests that the demand for rental properties, especially those catering to Section 8 tenants, might be relatively low compared to areas with higher percentages of renters.
The median household income in this ZIP is $72,537. The typical market rent is $915 per month. To understand how this rent compares to the local income, we can calculate the percentage of income that goes towards rent. A $915 monthly rent equates to approximately 12.6% of the median household income annually. This is relatively affordable, considering the Fair Market Rent (FMR) set at $1,200 for FY 2024, which would consume about 16.8% of the median income if paid out of pocket.
In the context of Section 8 vouchers, the difference between the market rent ($915) and the FMR ($1,200) indicates that there could be a significant portion of the rental market that qualifies for assistance. However, due to the lower percentage of renters in the area, the overall number of potential Section 8 tenants is limited.
A landlord in ZIP 47448 should expect tenants who are likely to be financially stable enough to contribute a portion of their income toward rent, given the relatively high median income and the lower market rent. Tenants receiving Section 8 vouchers will benefit from the gap between the actual rent and the FMR, but the pool of such tenants is not extensive due to the homeowner-dominant nature of the area. Landlords must balance the benefits of guaranteed rental income through the voucher program against the potentially lower demand for subsidized housing in this particular ZIP code.
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.