Location: Martin County, IN | Metro: Daviess 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 | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $185,114 | 0.55% | F |
| 3BR | $1,220 | $241,540 | 0.51% | F |
| 4BR | $1,490 | $294,780 | 0.51% | F |
| 5BR | $1,728 | $385,856 | 0.45% | F |
U.S. Census Bureau data (2024)
The market in ZIP 47553, Loogootee, IN, reflects a dynamic balance between rental and ownership costs, indicative of certain housing pressures. The Fair Market Rent (FMR) for the area, set at $960 for fiscal year 2026, aligns closely with the actual market rent of $808, as reported by the Census Bureau's American Community Survey. This suggests that rental prices are fairly stable and reflective of the broader economic conditions in the region.
The median home value of $247,419 provides insight into the affordability and desirability of homeownership in the area. While specific metrics such as the percentage of homes experiencing price cuts and days on the market (DOM) are not available, the relatively low gap between FMR and market rent implies a market where demand for rentals is strong enough to keep prices near the fair market level, but not so high as to cause significant price inflation. This could suggest a scenario where supply slightly outpaces demand, maintaining equilibrium without creating substantial pressure on either side.
A key indicator of long-term housing pressure is the 19.4% share of renters in the population. This figure indicates that nearly one in five residents are renters, which can be an ongoing source of demand for rental properties. In areas with a higher proportion of renters, there is typically a sustained need for affordable rental units, which can be beneficial for landlords and small-portfolio investors looking to capitalize on steady demand. However, it also means that a significant portion of the local population might be sensitive to changes in rental rates, potentially leading to shifts in the rental market if economic conditions change.
In summary, the current snapshot of the market in Loogootee, IN, suggests a balanced environment where both rental and ownership markets coexist. The stability of rental prices and the presence of a notable renter population point towards a market that is likely to remain attractive for those seeking rental income, while also providing a solid foundation for homeownership investment.
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.