Section 8 Fair Market Rent (FMR) for ZIP 47464 - 2027

Location: Bloomington, IN | Metro: Bloomington, IN HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$870
1 Bedroom	$970
2 Bedrooms	$1,090
3 Bedrooms	$1,420
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

297

Median Household Income

$64,464

Housing Units

165

Renter Percentage

32.4%

Occupancy Rate

89.7%

Renter Occupied

The ZIP code 47464, located in southern Indiana, is characterized by its rural setting and smaller population size. This area offers a unique opportunity for investors interested in properties that cater to both homeowners and renters. The Federal Market Rent (FMR) and market rent data provide insights into the rental market dynamics, while other economic indicators reveal the financial health and potential demand for housing in the region.

Federal Market Rent (FMR): The FMR for ZIP 47464 is set at $1020 for the fiscal year 2024, indicating the maximum rent allowed under Section 8 guidelines for a standard unit.
Market Rent: According to Census ACS data, the average market rent in the area is $642, suggesting that there is a significant gap between the FMR and the actual rents charged, which could be advantageous for landlords participating in the Section 8 program.
Renter Share: With 32.4% of households being renters, there is a notable segment of the population that could benefit from and utilize Section 8 vouchers.
Median Income: The median household income in ZIP 47464 is $64,464, providing context on the financial capabilities of residents and their likelihood to qualify for assistance programs like Section 8.
Data on median home values and days on market (DOM) are currently unavailable, which might indicate a limited supply of homes or a less active real estate market compared to urban areas.

The data points above suggest that ZIP 47464 presents a balanced opportunity for landlords and small-portfolio investors. The disparity between the FMR and the market rent indicates a potential for higher returns on investment for those participating in the Section 8 program. Given the renter share and median income levels, there is a viable market for affordable housing, supporting the demand for Section 8 properties. However, the lack of detailed data on home values and DOM highlights the need for further investigation into the local real estate market's liquidity and pricing trends before making investment decisions. Overall, ZIP 47464 appears to be a stable area with a niche for affordable rental units, particularly those eligible for Section 8 subsidies.

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.