Location: Parke County, IN | Metro: Parke County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The rent math for ZIP 47860 does not work favorably for landlords. The Fair Market Rent (FMR) for FY 2024 is set at $860, which is significantly higher than the current market rent reported by the Census ACS at $586. This disparity indicates that landlords may struggle to find tenants willing to pay the FMR rate, thus potentially leading to vacancies.
Regarding property acquisition, the data shows that the median home value is N/A, the average days on market (DOM) is N/A, and the percentage of homes needing price cuts is also N/A. These missing values suggest that there is insufficient data to determine if property acquisition is affordable in this ZIP code. Landlords and investors should conduct further research into local real estate trends to make informed decisions.
Tenant demand in ZIP 47860 is moderate. With a total population of 540, approximately 48.4% of residents are renters. While this percentage indicates a reasonable number of potential tenants, the small overall population size means that the pool of prospective renters is limited, which could impact occupancy rates.
In summary, ZIP 47860 presents challenges for landlords due to unfavorable rent math and a limited tenant base. The lack of specific data on property acquisition makes it difficult to assess affordability, but the significant gap between the FMR and market rent suggests that landlords may need to adjust their expectations or explore alternative investment opportunities where the rental income better aligns with the cost of living and property management expenses.
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.