Location: Putnam County, IN | Metro: Owen County, 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 | $840 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $165,744 | 0.63% | D |
| 3BR | $1,290 | $226,307 | 0.57% | F |
| 4BR | $1,650 | $318,743 | 0.52% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47868, which includes Poland, Indiana, is set at $1050 for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning that if you participate in the program, the Housing Authority will pay up to $1050 per month for a unit that meets the criteria.
To put this into perspective, the average rent in ZIP 47868 is currently $939, according to recent Census American Community Survey (ACS) data. This indicates that the FMR is slightly higher than the typical market rate, which can be beneficial for landlords looking to cover their costs and make a profit.
In ZIP 47868, 21.6% of the population are renters, suggesting a steady demand for rental properties. This percentage translates into a significant number of potential tenants who might rely on Section 8 vouchers to find suitable housing.
When it comes to acquiring a property for a Section 8 rental, the median home value in the area is approximately $198,893. This price point can help you estimate the initial investment required to purchase a property that could be rented through the Section 8 program.
Before you decide to take the plunge into Section 8 rentals, ensure that your property complies with the Housing Quality Standards (HQS). These standards are designed to ensure that rental units are safe, decent, and sanitary. Failure to meet these requirements can result in penalties or disqualification from the program.
Participating in the Section 8 program can provide a reliable source of income, but it's important to understand that the $1050 payment standard does not necessarily mean this is the amount you'll receive as rent. The actual rent you collect will depend on the tenant's contribution, which is typically based on their income. However, the combination of the tenant's payment and the voucher subsidy should cover the $1050 standard, ensuring you receive the full amount.
The local rent of $939 is lower than the FMR, indicating that there might be opportunities to offer slightly above-average rents while still being within the Section 8 guidelines. This can help offset some of the costs associated with maintaining a property to HQS standards.
With 21.6% of the population renting, there is a reasonable demand for rental properties, including those that accept Section 8 vouchers. This demographic suggests that there are enough potential tenants to fill your property, reducing the risk of vacancy.
The median home value of $198,893 provides a benchmark for the cost of acquiring a property. It's crucial to factor in ongoing maintenance and management costs when assessing whether this investment aligns with your financial goals.
To summarize, the FMR of $1050 for ZIP 47868 is the maximum subsidy a landlord can receive under the Section 8 program. With an average local rent of $939 and a 21.6% renter share, there is a good opportunity to attract tenants. Ensure your property meets HQS standards to avoid issues and to guarantee you receive the full subsidy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.