Section 8 Fair Market Rent (FMR) for ZIP 47465 - 2027

Investment Score for ZIP 47465

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 47465, located in Indiana, is a modest suburban area that offers a balanced mix of residential and commercial properties. It is well-served by local amenities and has a steady population of both homeowners and renters.

• The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960, indicating the government's benchmark for rental prices in the region.
• The actual market rent, as per the latest Census American Community Survey (ACS), stands at $676, which is below the FMR but still represents a reasonable return on investment for landlords.
• The median home value in ZIP 47465 is $198,978, making it accessible for first-time buyers and providing a stable foundation for property values.
• Renters make up 49.2% of the housing stock, reflecting a nearly even split between rental and owner-occupied units, which can be advantageous for diversifying investment portfolios.
• The median income in the area is $53,750, suggesting a middle-class demographic capable of sustaining rental prices without being overly reliant on subsidies.

Investors looking to enter the ZIP 47465 market should consider the gap between the Fair Market Rent and the actual market rent as an opportunity to increase rental rates slightly while remaining competitive. The high renter share indicates a robust demand for rental properties, and the median income level supports the ability of tenants to meet higher rents. However, the median home value also implies that there is potential for homeownership, which could influence the rental market dynamics. Overall, the area presents a balanced investment landscape with opportunities for both rental and sale of properties.

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.