Location: Martin County, IN | Metro: Martin County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The median income in ZIP code 47522 stands at $46,719. Considering the market rate for rent is $673 per month according to the Census ACS, it becomes evident that many households in this area struggle to meet their housing costs comfortably. The financial burden is further exacerbated when compared to the Fair Market Rent (FMR) set at $1,020 per month for the metro area in fiscal year 2026. This discrepancy highlights a significant affordability gap for residents.
With 75.2% of the population being renters and only 319 people living in the ZIP code, competition among landlords is intense. Given the limited number of residents, securing tenants is a challenge, especially those who can afford higher rents. The disparity between the actual market rate and the FMR indicates that landlords might find themselves in a position where they have to choose between accepting lower rental payments through vouchers or risking vacancies by setting higher rates.
The takeaway for landlords is clear: adopting a strategy that includes accepting Section 8 vouchers could be beneficial in maintaining occupancy levels. While voucher payments are lower than the market rate, they ensure a steady stream of income without the risk of prolonged vacancy periods. For small-portfolio investors, diversifying their tenant base to include both cash-paying tenants and those with vouchers can stabilize cash flows and mitigate the risks associated with high tenant turnover.
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.