Section 8 Fair Market Rent (FMR) for ZIP 47884 - 2027

Location: Terre Haute, IN | Metro: Terre Haute, IN HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$820
2 Bedrooms	$1,070
3 Bedrooms	$1,270
4 Bedrooms	$1,480
5 Bedrooms	$1,717
6 Bedrooms	$1,923
7 Bedrooms	$2,077
8 Bedrooms	$2,181

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

157

Median Household Income

$59,167

Housing Units

Renter Percentage

12.5%

Occupancy Rate

87.7%

Renter Occupied

The ZIP code 47884, located in Indiana, offers a unique market opportunity for real estate investors interested in Section 8 properties. The area is characterized by a mix of affordable housing options and a stable demand for rental units, making it a promising location for both landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a one-bedroom unit in ZIP 47884 for fiscal year 2024 is set at $880, providing a benchmark for rental pricing that aligns with HUD guidelines.
The market rent for the same size unit, according to Census ACS data, stands at $533, indicating a significant gap between HUD-subsidized rents and the local market rates, which can be advantageous for securing tenants through the Section 8 program.
The median home value in the area is $83,100, suggesting that the overall property values are relatively low compared to other regions, which can make investment in this ZIP code more accessible.
Renters make up 12.5% of the population, showing a moderate reliance on rental properties and a potential steady demand for affordable housing options.
The median income of residents in ZIP 47884 is $59,167, which is below the national average and supports the need for subsidized housing programs like Section 8.

Investors looking to capitalize on the real estate market in ZIP 47884 should consider the substantial disparity between the HUD-subsidized rent and the local market rent, along with the moderate median home value. This combination presents a viable investment strategy where properties can be acquired at reasonable prices and rented out at rates that comply with Section 8 while still being attractive to tenants. Given the median income levels and the presence of the Section 8 program, there is a consistent tenant pool available, reducing the risk of vacancy. However, the relatively low renter share suggests that competition for tenants might be less intense than in areas with higher rental populations, but also implies that there could be limitations in scaling up the number of rental units effectively.

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.