Location: Greene County, IN | Metro: Daviess County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The gap between the Fair Market Rent (FMR) of $960 for ZIP 47529 in fiscal year 2026 and the market rent of $625 based on the U.S. Census Bureau's American Community Survey (ACS) is significant. This difference amounts to $335 or approximately 53.6%. In the context of Elnora, Indiana, where 23.2% of the population are renters, the median home value is $147,712, and the median income is $69,135, the implications for landlords and small-portfolio investors are clear.
Voucher tenants under the Section 8 program can be seen as a yield play. The FMR set at $960 is higher than the market rent of $625, meaning landlords who accept vouchers can potentially increase their rental income by $335 per unit compared to the current market rate. This makes the ZIP 47529 an attractive investment opportunity for those willing to participate in the Section 8 program, as it allows them to capitalize on the government subsidy without setting rents above the market level, which could deter non-voucher tenants.
However, accepting housing vouchers below the open-market rates also comes with considerations. Landlords must ensure that they comply with all regulations associated with the Section 8 program, which can include regular inspections and maintenance standards. Additionally, the administrative overhead of managing voucher tenants might be higher than that of market-rate tenants.
In summary, the significant gap between the FMR and the market rent in ZIP 47529 presents a clear opportunity for landlords to enhance their yields while providing affordable housing options. This analysis is anchored in the specific economic conditions of Elnora, IN, making it a valuable consideration for real estate investments in this area.
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.