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 |
The ZIP code 47851 presents a unique challenge for both renters and landlords alike. Given the median income is listed as N/A, it's impossible to accurately assess the financial capacity of households in this area to meet the market rate rent, also listed as N/A. However, we can look at the Fair Market Rent (FMR) set by the government for the zip code for fiscal year 2024, which is $980. This figure serves as a benchmark for rental assistance programs, including Section 8 vouchers.
The voucher payment standard of $980 is a critical point of reference. It means that any household receiving rental assistance through a Section 8 voucher will be able to pay up to this amount towards rent. If the market rate exceeds this figure, as it often does in many areas, there will be an affordability gap for those relying on vouchers.
With N/A% of the population being renters and a total population of N/A, the exact number of potential tenants who might rely on rental assistance is unclear. However, the presence of an affordability gap suggests that landlords in 47851 could face stiff competition for tenants willing and able to pay above the voucher standard. This scenario could lead to a higher demand for properties that accept vouchers, as they represent a more stable source of income for landlords.
The takeaway for landlords considering their strategy between accepting voucher tenants versus cash-paying ones is clear. While cash-paying tenants might offer higher rents, the uncertainty around the median income and market rates makes it difficult to predict how many such tenants will be available. On the other hand, voucher tenants provide a guaranteed and stable income stream, though capped at $980 per month. Landlords should consider diversifying their tenant mix to include both voucher and cash-paying tenants, depending on the specific property and location within the ZIP code, to ensure a steady and predictable income.
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.