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 | $830 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,320 | $210,702 | 0.63% | D |
U.S. Census Bureau data (2024)
In ZIP code 47926, the economics of Section 8 housing involve understanding the balance between the SAFMR (Small Area Fair Market Rent) and the local market rent. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $880. This figure is specifically tailored for this ZIP code, reflecting the rental costs deemed fair within this geographic area.
The local market rent, according to Census ACS data, stands at $943. This represents the average rent charged for similar units in the area. Landlords participating in the Section 8 program should be aware that the reimbursement they receive is based on the SAFMR, not the market rent. Therefore, the actual amount paid to landlords will be capped at the SAFMR level.
A voucher payment under Section 8 consists of two parts: the tenant's contribution and the government subsidy. Tenants typically pay 30% of their adjusted income toward rent. If we assume a tenant's monthly adjusted income is $1,000, their contribution would be $300. The government then subsidizes the remaining portion up to the SAFMR limit. In this case, the government would cover the difference between the tenant's contribution and the SAFMR, which is $580 ($880 - $300).
Utility allowances vary but are generally included in the voucher payment. These allowances are designed to help tenants cover the cost of utilities such as electricity, gas, water, and sewage. However, these allowances do not increase the total amount a landlord can receive above the SAFMR cap. They are part of the overall calculation and can affect the net amount received by the landlord if the tenant uses them.
To summarize, a landlord in ZIP 47926 can expect to receive a maximum of $880 per month for a two-bedroom unit under the Section 8 program. This is lower than the local market rent of $943, creating a reimbursement gap of $63 per month. Landlords must consider this gap when deciding whether to participate in the program, as it represents a shortfall compared to what they could potentially earn in the open market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.