Section 8 Fair Market Rent (FMR) for ZIP 47546 - 2027

Location: Dubois County, IN | Metro: Dubois County, IN

Investment Score for ZIP 47546

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$179,571

1% Rule

0.56%

Annual Yield

6.75%

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

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$780
2 Bedrooms	$1,010
3 Bedrooms	$1,360
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,010	$179,571	0.56%	F
3BR	$1,360	$271,590	0.5%	F
4BR	$1,700	$350,753	0.48%	F
5BR	$1,972	$433,282	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,191

Median Household Income

$73,659

Housing Units

10,113

Renter Percentage

29.6%

Occupancy Rate

91.3%

Renter Occupied

2,728

In ZIP 47546, which includes Jasper in Dubois County, Indiana, the Section 8 housing voucher program operates under specific economic guidelines. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $960 per month for FY 2026. This figure is specifically tailored for this ZIP code, reflecting the local rental market conditions more accurately than broader regional averages.

The local market rent, as indicated by ZORI (Zillow Observed Rent Index), is higher at $1,250 per month. This means that landlords in ZIP 47546 will need to understand how the SAFMR interacts with their actual rental rates when accepting Section 8 vouchers.

A Section 8 voucher pays a portion of the rent based on the SAFMR, but it also includes the tenant's contribution and utility allowances. Here’s a breakdown:

Tenant Contribution: Tenants typically pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500, the tenant would contribute approximately $450 per month.
Voucher Payment: The voucher covers the difference between the tenant's contribution and the SAFMR, up to the limit. In this case, the voucher would cover $960 - $450 = $510 per month.
Utility Allowances: Utility allowances vary but can be estimated around $200 per month. This amount is additional to the SAFMR and is intended to help cover the cost of utilities.

Therefore, the total reimbursement a landlord might receive for a two-bedroom apartment in ZIP 47546, considering both the voucher payment and utility allowance, would be $510 + $200 = $710 per month. Given that the local market rent is $1,250, there is a significant gap between the reimbursement received from the voucher and the market rent.

The typical reimbursement gap for a two-bedroom unit in ZIP 47546 is $1,250 - $710 = $540 per month. This means landlords who participate in the Section 8 program for two-bedroom units will face a shortfall if they charge market rates. Conversely, if they set their rent at or below the SAFMR of $960, the gap would be smaller or non-existent, and they could avoid losing money due to the program's limitations.

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.