Location: Terre Haute, IN | Metro: Terre Haute, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 47863 is located in a rural area with a very small population of only 207 residents. Notably, there are currently no renters reported in this area, which indicates a primarily owner-occupied community. The lack of data on median income and median home value suggests that the area might be underrepresented in statistical surveys, possibly due to its small size and remote location.
Transitioning to the rent economics, the Fair Market Rent (FMR) for ZIP 47863 in fiscal year 2024 is set at $870. This figure represents the benchmark used by the U.S. Department of Housing and Urban Development (HUD) for determining the maximum rental payment that can be charged to tenants participating in the Section 8 program. However, the absence of data on market rent makes it challenging to compare the FMR against typical local rental rates. In such cases, the FMR serves as a crucial guideline for landlords who wish to participate in the Section 8 program, ensuring they receive a fair rate for their properties.
Given the characteristics of ZIP 47863, it would likely be better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The low population and lack of rental activity suggest limited demand for rental properties, making it less attractive for active property management or renovation efforts aimed at increasing rental income. For a hands-off operator, the stability provided by the Section 8 program, coupled with the guaranteed $870 monthly rent, can offer a reliable stream of income with minimal risk and maintenance responsibilities.
To conclude, ZIP 47863 presents a unique opportunity for hands-off Section 8 investors seeking stable returns in a low-demand, owner-occupied environment. The current setup and demographic indicate that active management strategies may not yield significant benefits, thus favoring a passive investment approach.
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.