Location: Lafayette-West Lafayette, IN | Metro: Warren 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 | $810 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,350 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,120 | $130,014 | 0.86% | C |
| 3BR | $1,350 | $178,245 | 0.76% | D |
| 4BR | $1,800 | $205,598 | 0.88% | C |
U.S. Census Bureau data (2024)
The ZIP code 47921, located in Boswell, Indiana, houses a population of 1,338 individuals. With 18.9% of residents being renters, it indicates that this area is not heavily dominated by rental properties. The median household income stands at $100,455, which places it in a relatively high-income bracket compared to national averages.
The market rent in this area is $864 per month, which represents approximately 10.5% of the median household income. This percentage is calculated by taking the monthly rent and dividing it by the annual median income, then multiplying by 12. Given the Fair Market Rent (FMR) set at $970 for FY 2024, the actual market rent is slightly below this benchmark, suggesting a competitive but not overly saturated rental market.
In terms of voucher utilization, the demand for housing assistance might be lower due to the smaller proportion of renters and higher median incomes. Landlords in ZIP 47921 can expect tenants who are likely to have stable employment and a higher likelihood of paying rent on time without relying heavily on housing vouchers. However, the presence of any Section 8 tenants would still need to be considered, as they represent a significant portion of the rental market's financial support structure.
The expected tenant profile for landlords in this ZIP includes individuals or families with a strong financial background, capable of handling rent payments without substantial government assistance. While the voucher program is available, its impact on the overall rental market appears limited, making it a less critical factor for landlords when setting rents or evaluating tenant applications.
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.