Location: Perry County, IN | Metro: Perry County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The ZIP code 47574 presents an interesting scenario for both renters and landlords alike. Given the limited data available, with the median income being listed as N/A and the market rate also unspecified, it becomes challenging to provide a precise financial analysis. However, we can draw conclusions based on the information at hand.
The voucher payment standard for this area is set at $1,030 for metro FY 2026. This figure serves as a benchmark for affordability in the region. Considering the total population of 46 individuals and the fact that there are no reported renters (0.0%), the rental market appears to be nearly non-existent or highly underreported. This could imply a very tight-knit community where renting is uncommon, possibly due to low demand or high owner-occupancy rates.
The absence of renters suggests a strong competition for tenants, making it imperative for landlords to consider the value proposition they offer to potential renters. If the market rate is indeed higher than the voucher payment standard, landlords might find themselves with a smaller pool of potential tenants willing to pay cash. Conversely, if they accept Section 8 vouchers, they ensure a steady stream of rental income, albeit at a fixed rate of $1,030 per month.
Given the low number of renters, the affordability gap between the market rate and the voucher payment standard is significant. It means that landlords who rely solely on cash-paying tenants may struggle to fill vacancies, especially if the market rate is considerably above the voucher amount. Accepting vouchers could thus serve as a strategic alternative to mitigate the risk of empty units and to tap into a government-backed source of income.
Takeaway for Landlords: In ZIP 47574, the decision to accept Section 8 vouchers versus relying on cash-paying tenants should be carefully weighed. The voucher standard of $1,030 offers a guaranteed income source, which could be beneficial in a market with low demand and tight competition for tenants. While accepting vouchers might limit the potential for higher rents, it ensures occupancy and stability, which are crucial for managing a small portfolio effectively.
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.