Section 8 Fair Market Rent (FMR) for ZIP 47716 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 47716 in fiscal year 2024 is set at $1090. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not necessarily the rent you will receive; it is the benchmark used to determine eligibility and the amount of assistance given to tenants.

While the local median rent is listed as N/A, the FMR provides a guideline for what is considered a reasonable rent in the area. The percentage of renters in the market who could be eligible for Section 8 assistance is also marked as N/A, but typically, a higher share of renters indicates greater demand for subsidized housing. This can be beneficial for landlords as it increases the likelihood of finding tenants who need housing and qualify for the program.

The acquisition cost for properties in this area is listed as N/A, which would normally help you understand the average price point for buying a property. However, even without this information, the FMR gives you an idea of the potential rental income you could expect if your property qualifies for the Section 8 program.

Before proceeding with a Section 8 rental in ZIP 47716, ensure that your property meets the Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and cover a wide range of criteria including safety, habitability, and structural integrity. Failure to meet these standards can result in rejection from the program, so it's crucial to verify compliance to avoid delays or disappointment.

Data Sources: FMR data from HUD (2027).

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.