Location: Montgomery 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 | $910 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $237,786 | 0.63% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 47930 reveals several key points that are crucial for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for ZIP 47930 in fiscal year 2024 is set at $970. However, the market rent as per Census ACS data is significantly lower at $649. This disparity suggests that landlords may struggle to achieve the FMR, as the local market does not support such high rents. The gap between the FMR and the actual market rent indicates a potential challenge in maintaining profitability based solely on rental income.
Regarding the affordability of property acquisition, the median home value in ZIP 47930 stands at $246,223. Unfortunately, the data for days on market (DOM) and the percentage of homes that required price cuts are not available. Despite these missing details, the median home value provides a solid anchor point for assessing the cost of entry into the market. At this valuation, acquiring properties might be considered moderately affordable, depending on the investor's financial situation and expectations for returns.
The third aspect to consider is tenant demand. ZIP 47930 has a total population of 1,049, with 18.1% of residents being renters. This relatively low renter share could imply limited demand for rental properties, which might affect occupancy rates and the ability to attract tenants. Given the small population size, the number of potential renters is also quite limited, which could pose challenges in finding and retaining tenants.
In conclusion, while the median home value of $246,223 makes property acquisition moderately affordable, the significant difference between the FMR of $970 and the actual market rent of $649 suggests that achieving desired rental income levels will be difficult. Additionally, the low renter share of 18.1% and the small population of 1,049 indicate limited tenant demand, which could impact occupancy and profitability. Therefore, ZIP 47930 presents a challenging environment for landlords and small-portfolio investors seeking to maximize returns through rental income.
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.