Location: Terre Haute, IN | Metro: Terre Haute, IN HUD Metro FMR Area
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 | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $252,583 | 0.53% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47846 in fiscal year 2024 is set at $920. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if you decide to participate in Section 8 with a property in this area, your rental income will be capped at this amount. It's important to note that this is not the actual rent that tenants will pay; rather, it is the maximum amount that the housing authority will reimburse you for the rent.
While the local median rent for ZIP 47846 is currently N/A, we can infer that the FMR of $920 is likely close to or below the average market rent, indicating that the Section 8 program aims to keep rents affordable for low-income families. The fact that the renter share is 8.6% suggests a significant portion of the population relies on rental assistance, creating a steady demand for Section 8 properties.
To acquire a property in this ZIP code, the typical cost is around $237,699. This investment needs to be balanced against the long-term benefits of having a consistent tenant base through the Section 8 program. The key advantage here is the reduced vacancy risk and the guaranteed income, though it comes with the trade-off of lower potential rental income compared to market rates.
Before committing to a Section 8 rental in ZIP 47846, it is crucial to verify that your property meets the minimum housing quality standards, known as the Housing Quality Standards (HQS). These standards ensure that the home is safe and livable for tenants. Failure to meet these standards could result in the property being rejected from the program, leaving you without the expected rental income.
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.