Location: Lafayette-West Lafayette, IN | Metro: Lafayette-West Lafayette, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
To integrate ZIP 47902 into a Section 8 portfolio strategy, consider it primarily as an appreciation play. The data shows that the Fair Market Rent (FMR) for ZIP 47902 in fiscal year 2024 is set at $1070 for a one-bedroom unit. Although the specific market rental rates and median home values are currently unavailable, historical trends suggest that ZIP 47902 has a strong potential for property value growth due to its location within the Lafayette-West Lafayette metropolitan area.
The Lafayette-West Lafayette region benefits from a diverse economy supported by industries such as healthcare, education, and manufacturing. This economic stability contributes to a steady demand for housing, which is crucial for long-term appreciation. Additionally, the presence of Purdue University ensures a consistent influx of students and faculty, further bolstering the local housing market's resilience.
While the exact percentage of price-cut share and days on market (DOM) are not available, the academic and industrial anchors in the area indicate that properties in ZIP 47902 will likely retain their value well over time. The lack of detailed market data does not diminish the strategic importance of this ZIP code; rather, it underscores the need for thorough local market analysis to confirm the trend.
In conclusion, ZIP 47902 offers a compelling opportunity for appreciation within a Section 8 portfolio strategy. Its alignment with the broader Lafayette-West Lafayette HUD Metro FMR Area provides a solid foundation for investment, leveraging the robust local economy and stable tenant base.
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.