Section 8 Fair Market Rent (FMR) for ZIP 47747 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 47747 in Unknown, IN, lacks comprehensive demographic data, including population size, percentage of renters, and median household income. However, based on the available information, we can still assess the potential viability of Section 8 tenants in this area.

To understand the demand for rental properties, it's important to note that without specific percentages, we cannot definitively state whether this is a renter-heavy or homeowner-dominated area. Nevertheless, the presence of any rental demand indicates a need for affordable housing solutions, which Section 8 vouchers can address.

The Fair Market Rent (FMR) for ZIP 47747 is set at $1090 per month for FY 2024. This figure represents the maximum amount that a landlord can charge for a Section 8 tenant. To contextualize this, we must compare it to the local market rent, which is also listed as N/A. The absence of this data makes it challenging to provide an exact percentage of local income that goes towards rent. However, typically in areas where median income is low, a higher percentage of income is allocated to housing costs.

In regions where the median household income is not known but where the FMR is relatively high compared to national averages, it suggests that the cost of living in this ZIP code might be above average. Therefore, landlords should anticipate that typical market rents could be close to or even slightly above the FMR, depending on the local real estate dynamics.

The tenant profile expected in ZIP 47747 would likely include individuals and families who rely on Section 8 vouchers due to limited financial resources. These tenants will have their rent subsidized up to the FMR of $1090. Landlords should prepare for tenants who require assistance with housing and may have specific needs related to income verification and ongoing support throughout their tenancy.

Given the incomplete data, landlords should consider conducting additional research into the local economy and housing market to better understand the income levels and rent affordability in ZIP 47747. This will help in setting competitive rental rates and attracting stable tenants who benefit from the Section 8 program.

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.