Location: Sullivan County, IN | Metro: Sullivan 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 | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $122,796 | 0.89% | C |
| 3BR | $1,400 | $199,807 | 0.7% | D |
| 4BR | $1,820 | $243,031 | 0.75% | D |
U.S. Census Bureau data (2024)
The ZIP code 47882, located in Sullivan, IN, sits within the Sullivan County, IN HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $930, while the average market rent is slightly lower at $857. The median home value in this ZIP is $171,602, and it has a renter share of 26.2%. These figures can be used to gauge the position of 47882 within its broader metropolitan context.
Compared to typical ZIP codes in the Sullivan County, IN HUD Metro FMR Area, 47882's FMR of $930 aligns closely with the county-wide average, indicating that it is neither significantly more nor less expensive than other areas in terms of government-subsidized rental rates. However, the actual market rent of $857 suggests that landlords could potentially offer rents slightly below the FMR and still remain competitive in the local market.
The median home value of $171,602 places 47882 on the lower end of the housing price spectrum within its metro area. This implies that it is more affordable for potential homeowners and could attract a mix of renters and buyers, particularly those seeking more budget-friendly options.
The renter share of 26.2% is noteworthy. A higher percentage of renters combined with below-average home values often indicates a favorable environment for landlords participating in Section 8 programs. This is because the demand for affordable rentals is strong, and the supply of more expensive homes might limit the number of eligible tenants for market-rate rentals.
In summary, ZIP 47882 appears to be a value pocket within the Sullivan County, IN HUD Metro FMR Area. It offers relatively low market rents and home values, which can make it attractive for both Section 8 participants and small-portfolio investors looking for properties with good rental potential. The above analysis is based on the specific figures provided for ZIP 47882 and infers its standing within the larger metropolitan area accordingly.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.