Location: Greene County, IN | Metro: Greene County, IN
| 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 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 47453 are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment is set at $1,010 per month for FY 2026. This figure is specific to this ZIP code and reflects the government's assessment of fair rental value for the area.
Let's break down what this means for a landlord. A Section 8 voucher holder will pay 30% of their adjusted income toward rent, plus any applicable utility allowances. The exact amount varies based on the tenant's income but typically does not exceed 30% of the SAFMR. For ZIP 47453, if we assume the tenant's portion is 30%, then they would contribute up to $303 towards the monthly rent ($1,010 x 0.30).
The remaining 70% is covered by the Housing Authority, which in this case would be $707 per month ($1,010 - $303). This means that landlords receive a fixed reimbursement from the government for the majority of the rent, ensuring steady cash flow. However, it also implies that landlords cannot charge above the SAFMR without absorbing the difference themselves.
To illustrate further, let's consider an example where a tenant's income requires them to pay only $200 per month. In this scenario, the Housing Authority would cover the rest, paying out $810 to meet the total rent of $1,010. It's important to note that while the government pays the bulk, the landlord must still ensure the property meets all required standards to remain eligible for the program.
The SAFMR is lower than what might be considered the local market rent, which is currently unavailable for ZIP 47453. This discrepancy creates a reimbursement gap, meaning landlords may receive less than they could in the open market. Given the SAFMR and assuming a higher local market rate, landlords should expect a gap between what they could potentially earn and what the Section 8 voucher will cover.
In conclusion, landlords in ZIP 47453 who participate in the Section 8 program can expect a reimbursement of approximately $707 to $810 per month for a two-bedroom unit, depending on the tenant's income. This leaves a potential reimbursement gap of around $200 to $300 per month, assuming the local market rent is higher than the SAFMR. Landlords should carefully weigh these factors when deciding whether to accept Section 8 tenants.
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.