Location: Terre Haute, IN | Metro: Terre Haute, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The rent math in ZIP 47853, part of the Terre Haute, IN HUD Metro FMR Area, is nearly balanced but leans slightly towards favoring tenants over landlords. The Fair Market Rent (FMR) set at $1070 for the fiscal year 2024 is just below the Census-reported market rent of $1,078. This suggests that while rents are competitive, they might not fully cover the costs for landlords.
Regarding acquisition affordability, the data presents some challenges. With a median home value listed as N/A, it's impossible to determine the typical investment cost. Similarly, the days on market (DOM) and percentage of homes needing price cuts (price-cut share) being listed as N/A makes it difficult to assess how quickly properties sell and if there's a need for significant discounts to attract buyers. These gaps in information make it hard to advise on the ease or difficulty of acquiring properties in this area.
Tenant demand in ZIP 47853 is modest. The total population stands at 106, with a renter share of 20.8%. Given the low population, the number of potential renters is limited, which could affect the pool of interested tenants. However, the percentage indicates that there is a reasonable interest in renting among the residents.
In conclusion, while the rent math is close to breaking even, the lack of detailed acquisition metrics such as median home value, DOM, and price-cut share hinders a comprehensive analysis. Additionally, the limited population size restricts the number of potential renters, which could impact occupancy rates. Landlords and small-portfolio investors should proceed with caution and seek additional local market insights before making investment decisions in ZIP 47853.
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.