Location: Pike County, IN | Metro: Pike 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 | $800 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,390 | $251,583 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 47585 has a population of 592 individuals, with only 8.8% being renters. This indicates that the area is predominantly a homeowner-dominated region rather than a renter-heavy zone. The median household income stands at $88,141, which provides a baseline for assessing rental affordability.
Although the exact market rent figure for ZIP 47585 is not provided, we can infer from the given Fair Market Rent (FMR) of $1,000 for the metro area (for FY 2026) that typical rents would likely be lower, considering the smaller size and rural nature of the ZIP code. Assuming a similar rent-to-income ratio, the average rent would consume approximately 11.35% of the median household income, calculated as ($1,000 / $88,141) * 100%. This percentage suggests that renting is relatively affordable compared to the overall income level.
However, since the area has a low percentage of renters, it is reasonable to conclude that the demand for housing vouchers is also likely to be low. Landlords in ZIP 47585 should anticipate a tenant pool that is less reliant on housing vouchers due to the scarcity of such demand. Tenants are expected to have stable incomes, with the majority capable of paying market rent without assistance.
To summarize, landlords in ZIP 47585 should prepare for a tenant profile that consists primarily of individuals who are financially independent and able to afford market rent without the need for housing vouchers. Given the limited number of renters, the competition for tenants using Section 8 vouchers will be minimal, allowing landlords to focus on attracting tenants with strong financial backgrounds.
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.