Location: Owen County, IN | Metro: Owen County, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47455 in fiscal year 2024 is set at $900. This figure represents the payment standard for Section 8 housing vouchers in your area, which means that if you participate in the program, the Housing Authority will pay up to $900 per month towards the rent of an eligible tenant.
Note that this is not the amount that tenants will pay; rather, it's the maximum subsidy you can receive. The actual rent you charge could be higher, but the tenant's portion would increase accordingly, based on their income. For instance, if you set the rent at $1,000, the tenant might pay around 30% of their adjusted income, and the Housing Authority would cover the rest up to $900.
Unfortunately, the data for the average market rent and the percentage of renters in ZIP 47455 is currently unavailable, making it difficult to directly compare the FMR to local rents. However, the fact that the renter share is listed as 0.0% suggests there may be limited demand for rentals in this area. This could mean fewer applicants for your property, so it's important to understand the local rental market dynamics before proceeding.
The acquisition cost, also noted as N/A, refers to the price you might expect to pay for acquiring a rental property in this area. Without specific figures, it's challenging to provide a precise comparison between the FMR and the typical acquisition costs, but it's crucial to ensure that the monthly subsidy covers a significant portion of your mortgage and maintenance expenses.
Before you decide to participate in the Section 8 program with a rental in ZIP 47455, verify the local rental vacancy rates. A high vacancy rate indicates lower demand for rental properties, which could affect your ability to find tenants and maintain occupancy. Conversely, a low vacancy rate might suggest a more stable rental market despite the limited data available.
To summarize, while the FMR of $900 sets a clear benchmark for subsidies, the lack of detailed local rental data means you should focus on understanding the specific conditions of the ZIP 47455 rental market. Checking the vacancy rate will give you a clearer picture of whether this is a viable option for your investment.
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.