Location: Terre Haute, IN | Metro: Terre Haute, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 47845 is situated in a rural setting, primarily characterized by its low population density of only 41 residents. This starkly indicates a sparsely populated area where homeownership is likely prevalent, given the reported 0.0% of renters. The median income and median home value data for this ZIP code are currently unavailable, which suggests a lack of comprehensive statistical representation or an area that is less frequently analyzed statistically.
From an investment perspective, the Fair Market Rent (FMR) for ZIP 47845 as of the fiscal year 2024 is set at $920. Without specific market rent data, it's challenging to assess the premium or discount that voucher rents might offer compared to the local rental market. However, the absence of market rent data could imply that the rental market itself is underdeveloped or not widely tracked, which aligns with the low population and high homeownership rates.
Given these conditions, ZIP 47845 would be better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The sparse population and lack of significant rental activity suggest that there is little opportunity for active property management or improvements aimed at increasing rental income beyond the voucher rate. A hands-off approach would minimize operational costs and time commitments, making it a more practical strategy for landlords and small-portfolio investors in this area.
To summarize, the ZIP code 47845 presents a unique challenge due to its low population and almost non-existent rental market. For investors looking to leverage Section 8 vouchers, the $920 FMR provides a clear guideline for potential rental income, but the limited scope for growth or value addition means that passive management is the way forward.
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.