Location: Terre Haute, IN | Metro: Terre Haute, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 47809, part of the Terre Haute, IN HUD Metro FMR Area, is straightforward. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $960. However, without specific data on market rents, it's challenging to make a direct comparison. The FMR serves as a benchmark but does not reflect the actual market conditions if market rents are higher.
Regarding the affordability of acquisitions, the lack of precise figures on median home values, days on market (DOM), and the percentage of homes needing price cuts complicates a thorough analysis. Landlords and small-portfolio investors should be cautious; without these metrics, they cannot accurately gauge how long it might take to sell a property or the potential need for price adjustments. This uncertainty can impact the financial viability of acquiring new properties in the area.
Tenant demand in ZIP 47809 is relatively stable, with a population of 1,568. However, the absence of data on the percentage of renters further clouds the picture. A higher renter share would indicate stronger demand for rental properties, which could support higher occupancy rates and potentially justify higher rents. Without this information, the strength of tenant demand remains speculative.
Verdict: The rent math in ZIP 47809 is based on a fixed FMR of $960, but without market rent data, it's unclear if this aligns with what tenants are willing to pay. Acquisition affordability is uncertain due to missing information on median home values, DOM, and price-cut shares. Tenant demand appears modest given the population size, yet the lack of renter share data hinders a definitive assessment. For landlords and small-portfolio investors, a cautious approach is advised until more detailed market data becomes available.
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.