Location: Pike County, IN | Metro: Pike County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 47584 reveals several key points that are crucial for landlords and small-portfolio investors.
Firstly, the rent math does not work favorably in this area. The Fair Market Rent (FMR) for the metro region, projected at $1,070 for fiscal year 2026, significantly exceeds the current market rent of $833 based on Census ACS data. This gap suggests that setting rents at the FMR level would likely deter tenants, as it is higher than what they are currently willing to pay.
Secondly, the acquisition affordability in ZIP 47584 is questionable due to the lack of specific data. The median home value is listed as N/A, indicating insufficient information to assess property values accurately. Additionally, the days on market (DOM) and the percentage of homes that have been price-cut are also marked as N/A, which makes it challenging to gauge how quickly properties sell and at what price adjustments might be necessary.
Lastly, regarding tenant demand, the ZIP code has a relatively small population of 149. With only 20.3% of the residents being renters, the pool of potential tenants is limited. This low renter share could pose challenges in maintaining occupancy rates, especially if the local economy does not support a higher influx of renters.
In summary, ZIP 47584 presents a scenario where the current market rent is below the projected FMR, indicating potential difficulty in pricing units competitively. The absence of specific data on median home values, DOM, and price-cut shares complicates the assessment of acquisition costs and timelines. Furthermore, the small population size and low renter share suggest limited tenant demand, which could affect the viability of rental 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.