Location: Knox County, IN | Metro: Knox County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 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 ZIP code 47573 presents a unique challenge for both renters and landlords due to the lack of specific data on median income and market rental rates. However, we can still analyze the situation based on the available information.
With a voucher payment standard set at $960 for the fiscal year 2026, this represents the Fair Market Rent (FMR) benchmark for the area. Given the extremely low number of renters—only 0.0% of the 20-person population—the competition among landlords is virtually non-existent. This scarcity of tenants means that landlords must carefully consider their rental pricing strategies to attract the few potential renters.
The affordability gap becomes apparent when comparing the FMR to the unknown median income and market rate. Without these figures, it is impossible to calculate the exact percentage of income that would go towards rent. However, the FMR of $960 suggests that any household with an income lower than this amount would struggle to cover rent costs, even with a voucher.
For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the decision should be based on the likelihood of finding cash-paying renters willing to pay above the FMR. Given the tiny population and the absence of median income data, it is reasonable to assume that the pool of potential cash-paying renters is also very limited. Therefore, accepting vouchers could be a viable strategy to ensure steady occupancy and a guaranteed source of income, albeit at the FMR level.
In conclusion, while the specific financial metrics are missing, the low population and minimal competition suggest that landlords in ZIP 47573 should seriously consider adopting a voucher-friendly policy to maintain occupancy. The FMR of $960 provides a baseline for rental pricing, and landlords who rely solely on cash-paying tenants might find themselves with fewer options, given the limited size of the local market.
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.