Location: Perry County, IN | Metro: Perry County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
ZIP code 47515, located within the Perry County, IN metro, exhibits characteristics that position it as a value pocket within the larger market. The Fair Market Rent (FMR) for ZIP 47515 is set at $1,040 for fiscal year 2026, which is notably lower than the average market rent for the county. This suggests that rental properties in this area offer a more affordable option for tenants compared to the broader metro area.
The median home value in ZIP 47515 stands at $240,505. While this figure is not explicitly compared against the average home values of other ZIP codes in Perry County, it is indicative of a relatively stable housing market that offers opportunities for both homeownership and investment at a lower cost point than potentially higher-value areas within the same county.
The renter share in ZIP 47515 is 7.7%, which is a modest percentage. This implies that the majority of residents in this area are homeowners rather than renters. However, the combination of an affordable FMR and a stable home value can be particularly attractive for Section 8 participants who are looking for a balance between rental affordability and the potential for homeownership in the future.
Given the specific figures, ZIP 47515 appears to be a value pocket where rental units are priced to attract low-income families participating in the Section 8 program. The lower FMR and stable home value indicate that landlords and small-portfolio investors can offer competitive rents without sacrificing profitability, especially when considering the federal subsidies available through the Section 8 program.
In conclusion, ZIP 47515 represents a solid investment opportunity for those interested in serving the needs of low-income families while maintaining a reasonable return on investment. The area's lower FMR and stable home value make it a prime location for Section 8 properties, offering a unique blend of affordability and stability.
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.