Location: Jasper County, IN | Metro: Gary, 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 | $1,020 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $122,831 | 1.07% | B |
| 3BR | $1,590 | $178,293 | 0.89% | C |
| 4BR | $1,740 | $211,986 | 0.82% | C |
U.S. Census Bureau data (2024)
The ZIP code 47922, located in Brook, Indiana, presents an interesting landscape for both renters and landlords. The median income in this area stands at $61,033, which is a key figure when considering the cost of living, especially housing. The market rate for rent, according to Census ACS data, is $1,054 per month. This amount represents a significant portion of the average household's income.
To put this into perspective, a household earning the median income would dedicate approximately 20.5% of their monthly earnings to rent at the market rate. However, the Federal Market Rent (FMR) standard for ZIP 47922 in fiscal year 2024 is set at $1,080. This means that households receiving Section 8 vouchers will have a slightly higher threshold for rent payments, but it remains close to the market rate.
The ZIP code has a relatively low percentage of renters at 26.4%, with a total population of 1,315. This indicates a smaller pool of potential tenants who might be seeking rental properties, which could lead to increased competition among landlords for available tenants. The affordability gap between the median income and the rent rates, whether market or voucher-based, suggests that many households might struggle to find affordable housing options without financial assistance.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the data points to a nuanced decision. While cash-paying tenants might offer a smoother transaction process, the reality is that the number of potential cash-paying tenants who can afford the market rate may be limited. On the other hand, accepting Section 8 vouchers opens up the possibility of renting to a broader segment of the population, albeit with the slightly lower rent ceiling of $1,080.
The takeaway for landlords is clear: given the high rent relative to the median income and the limited number of renters, diversifying tenant acquisition strategies to include both voucher and cash-pay options is advisable. This approach allows landlords to mitigate risks associated with finding suitable tenants and ensures a steady stream of income, even if it means occasionally accepting government-subsidized rents.
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.