Location: Martin County, IN | Metro: Lawrence County, IN
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 | $800 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $150,256 | 0.71% | D |
| 3BR | $1,280 | $231,661 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 47470, located in Bedford, IN, falls within the broader context of the Martin County, IN metro area. Its Fair Market Rent (FMR) for fiscal year 2026 is set at $1,000, slightly above the typical market rent of $950. This indicates that while rental prices in 47470 are somewhat higher than the average, they still remain within a reasonable range compared to the overall metro pricing.
The median home value in ZIP 47470 is $219,374, which is relatively modest when considering the broader county metrics. This suggests that property values in 47470 are lower than what might be expected in other parts of Martin County, potentially making it an attractive area for first-time buyers or investors looking for more affordable housing options.
The renter share in ZIP 47470 stands at 9.8%, which is a key figure for landlords and small-portfolio investors interested in Section 8 opportunities. A higher-than-average percentage of renters combined with below-average home values can signal a favorable environment for Section 8 tenants. This is because the lower home values may indicate that the area is more accessible to low-income households, who are typically the target demographic for Section 8 housing assistance.
Given the data, ZIP 47470 appears to be a value pocket within its metro area. The slightly elevated FMR and market rent suggest some demand for rental properties, but the lower median home value makes it more affordable compared to other ZIP codes in Martin County. This combination, along with the notable renter share, points to a potential sweet spot for Section 8 properties in the area.
Landlords and investors should consider the following:
In summary, ZIP 47470 offers a balanced mix of rental demand and affordability, positioning it as a value pocket within the Martin County, IN metro. This makes it particularly appealing for those involved in Section 8 housing investments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.