Location: Putnam County, IN | Metro: Owen County, 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 | $850 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $211,926 | 0.52% | F |
| 3BR | $1,440 | $295,365 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 47456, located in Quincy, Indiana, presents a market in motion characterized by a specific balance between supply and demand. The Fair Market Rent (FMR) for ZIP 47456 is set at $1080 for fiscal year 2024, while the current market rent based on Census ACS data is $958. This indicates that the rental market is slightly below the federally recognized fair market rate, suggesting a potential equilibrium where neither supply nor demand is overwhelmingly dominant.
The median home value in the area stands at $274,434. Although specific percentages for price-cut share and days on market (DOM) are not available, the gap between the FMR and market rent can be interpreted as landlords and tenants finding their respective comfort zones without significant pressure to adjust either way. This implies a stable but dynamic market where adjustments are made incrementally rather than through sharp fluctuations.
A noteworthy figure is the 4.2% renter share of the population. This low percentage suggests that the majority of residents in Quincy, IN, own their homes, which can be indicative of a market where long-term housing pressure is relatively low. However, it also means that there's a smaller pool of renters, which could create challenges for landlords and small-portfolio investors looking to attract tenants. In a context where homeownership is prevalent, maintaining a competitive edge in terms of rental rates and property conditions becomes crucial.
The dynamics of ZIP 47456 reflect a market where the rental sector is somewhat underserved compared to the homeownership sector. Landlords and small-portfolio investors must remain vigilant to the changing needs of the local rental market, ensuring that properties are priced competitively and maintained to a standard that attracts tenants. The gap between the FMR and market rent also points to an opportunity for landlords to potentially increase rents gradually, aligning with the fair market rate without causing immediate tenant turnover.
In summary, ZIP 47456 operates within a framework where the rental market is stable but not expansive, with a focus on maintaining a delicate balance between rental rates and property quality. The low renter share highlights the importance of understanding the local housing landscape and adapting strategies accordingly to meet the needs of a niche but important segment of the Quincy, IN, community.
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.