Location: White County, IN | Metro: Carroll 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 | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $200,410 | 0.54% | F |
| 3BR | $1,300 | $253,480 | 0.51% | F |
| 4BR | $1,430 | $325,872 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 47923, located in Brookston, Indiana, has a population of 3,700 residents, with 18.6% of them being renters. This indicates that while there is a rental market present, it is not overwhelmingly dominated by renters. The median household income in this area stands at $80,205, which provides a solid basis for evaluating the potential demand for Section 8 vouchers.
The typical market rent for units in ZIP 47923 is $925 per month. This amount represents approximately 11.5% of the median household income. When comparing this figure to the Fair Market Rent (FMR) of $870 for FY 2024, it's evident that the actual market rent slightly exceeds the FMR, suggesting a moderate premium over the government's benchmark for affordability.
In such an environment, landlords can expect a mix of tenants, including those who rely on Section 8 vouchers. However, due to the relatively low percentage of renters and the higher median income, the overall demand for vouchers is likely to be less intense compared to areas with a higher proportion of renters or lower incomes. Landlords should prepare for a tenant pool that includes individuals and families who might need assistance with housing costs but also have the potential to contribute additional income above the voucher amount.
A key consideration for landlords is the balance between accepting Section 8 tenants and setting rents that reflect the local market conditions. Given the income levels, a landlord could reasonably expect some tenants to pay more than the voucher amount, particularly if they have higher individual earnings or dual-income households. This can mitigate some of the risks associated with relying solely on voucher payments for rent.
To conclude, ZIP 47923 is not a renter-heavy area with deep voucher demand, but rather a place where homeownership is more prevalent. The presence of Section 8 tenants will be part of the rental market, but landlords should anticipate a broader range of tenant profiles, including those who might supplement their voucher with personal funds. This scenario presents opportunities for landlords to offer affordable housing while maintaining competitive market rates.
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.