Location: White County, IN | Metro: Lafayette-West Lafayette, 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 | $890 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,430 | $338,692 | 0.42% | F |
| 4BR | $1,800 | $473,866 | 0.38% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 47920 stands at $90,441, which provides a solid financial foundation for many households. However, when it comes to affording the market rate rent of $883 per month, the situation becomes more nuanced. While the market rate is below the median income threshold, it still represents a significant portion of monthly expenses for renters.
Comparatively, the Fair Market Rent (FMR) set by HUD for ZIP 47920 in fiscal year 2024 is $1020. This means that the market rate is lower than the FMR, indicating that landlords could potentially receive higher payments through Section 8 vouchers than what the market currently offers. The difference between the market rate and FMR suggests an affordability gap where some renters might struggle to cover the cost of housing without assistance.
With only 12.9% of the 2,329 residents being renters, the competition among landlords is relatively low. This limited rental market can make it challenging to find tenants willing to pay the market rate, especially if they have to compete with properties that accept Section 8 vouchers offering higher rents.
For landlords considering their strategy, accepting Section 8 vouchers can be a viable option to ensure steady, government-backed rental income. Despite the administrative complexities, the higher voucher payment standard of $1020 compared to the current market rate of $883 can provide a more stable and predictable revenue stream. Moreover, it can help attract and retain tenants who might otherwise face difficulties in affording housing in the area.
In summary, while the market rate is affordable for most households, the higher payment standard of Section 8 vouchers makes them an attractive alternative. Landlords should weigh the benefits of receiving a higher rent against the potential challenges of working with the voucher program. Given the limited rental market, leveraging the opportunity to secure tenants through Section 8 could be a strategic move to maintain occupancy and financial stability.
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.