Location: Greene 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 | $890 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $224,830 | 0.48% | F |
| 3BR | $1,360 | $272,594 | 0.5% | F |
| 4BR | $1,670 | $331,286 | 0.5% | F |
U.S. Census Bureau data (2024)
In ZIP 47459, which encompasses Solsberry, Indiana, in Greene County, the economics of Section 8 housing can be clearly defined using the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, set at $890 for the fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, reflecting the local rental market conditions more accurately than broader regional averages.
The local market rent, according to the Census American Community Survey (ACS), is $778 for a two-bedroom unit. This indicates that the SAFMR is higher than the average market rent, providing landlords with a potentially better financial position when participating in the Section 8 program.
A landlord should understand that the voucher payment is calculated based on the SAFMR and the tenant's portion of the rent, along with utility allowances. The tenant is typically required to pay 30% of their adjusted income towards rent. For example, if a tenant's monthly adjusted income is $1,000, they would pay $300 toward rent. The remaining amount up to the SAFMR is covered by the housing authority, which in this case would be $590 ($890 - $300).
In addition to the base rent, utility allowances also play a role in the total reimbursement. These allowances vary but generally cover a significant portion of utilities, ensuring that tenants do not face excessive out-of-pocket costs. For ZIP 47459, the utility allowance is part of the overall calculation but does not directly affect the base rent figure.
Given the SAFMR of $890 and the local market rent of $778, landlords can expect a surplus when renting to a Section 8 tenant. The difference between the SAFMR and the market rent is $112 per month. This means that even though the market suggests a lower rent, landlords can charge the higher SAFMR rate and still be within acceptable parameters for the program.
To summarize, the typical reimbursement for a two-bedroom apartment in ZIP 47459 under the Section 8 program will exceed the local market rent by $112 per month, creating a positive cash flow for landlords who choose to participate. This surplus provides a buffer against potential maintenance costs and vacancies, making it a viable option for those interested in long-term stability and profitability in this area.
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.