Location: Terre Haute, IN | Metro: Terre Haute, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
The ZIP code 47875 presents a dynamic rental market landscape that can be inferred from the current snapshot of available data. The Fair Market Rent (FMR) for the area is set at $880 for the fiscal year 2024, which serves as a benchmark for understanding the rental cost dynamics within the region. While the exact market rent is not available, the FMR provides insight into the government's assessment of what constitutes a fair rent for the area.
The lack of data on the percentage of price cuts and days on market (DOM) suggests a stable market condition where neither extreme over-supply nor under-supply is evident. In a market where these metrics are typically tracked, a high percentage of price cuts or longer DOM would indicate an oversupply, whereas lower figures would suggest a strong demand for rentals. The absence of such figures in ZIP 47875 implies a balanced situation, though this inference must be made carefully without additional context.
A notable metric missing from the analysis is the median home value, which would help in understanding the overall economic status of homeownership in the area. However, the N/A% renter share can still provide valuable insights. This figure is crucial because it reflects the proportion of renters within the community, which is indicative of the long-term housing pressures. A higher renter share often correlates with greater housing demand, especially if there are barriers to homeownership such as financial constraints or transient populations. Conversely, a lower renter share might imply a more stable homeowner base, reducing the immediate pressure on rental properties.
In ZIP 47875, the undefined percentage of renters means we cannot quantify the direct pressure on rental markets. However, the presence of a defined FMR indicates that there is enough rental activity to warrant government oversight, suggesting a significant number of renters. Landlords and small-portfolio investors should pay close attention to the FMR as it influences eligibility for tenants participating in the Section 8 program, thereby affecting the potential tenant pool and rental rates.
The dynamics of ZIP 47875, therefore, present a market where the rental sector plays a pivotal role in housing provision, but the specifics of whether supply outpaces demand or vice versa remain unclear without additional data. Investors should focus on understanding local trends, the availability of rental units, and the economic factors influencing both renters and homeowners to make informed decisions.
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.