Location: Montgomery County, IN | Metro: Indianapolis-Carmel, 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 | $890 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $950 | $123,438 | 0.77% | D |
| 2BR | $1,110 | $176,422 | 0.63% | D |
| 3BR | $1,450 | $245,110 | 0.59% | F |
| 4BR | $1,750 | $302,515 | 0.58% | F |
| 5BR | $2,030 | $347,657 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 47933, which encompasses Crawfordsville, Indiana, presents an interesting scenario when viewed from a renter’s perspective. The median income for households in this area stands at $68,130, while the market rate for rent, measured by ZORI (Zillow Rent Index), is $965 per month. This suggests that the average household could reasonably afford the typical rental costs without significant financial strain.
However, the situation becomes more complex when considering the federal housing voucher program. The Fair Market Rent (FMR) for ZIP 47933 in fiscal year 2024 is set at $1510. This means that landlords who accept vouchers could potentially receive higher monthly payments compared to the market rate. The disparity between the market rate and the voucher payment rate highlights a substantial affordability gap for tenants.
Crawfordsville has a relatively low percentage of renters at 21.8%, with a total population of 28,357. This implies that there is a smaller pool of potential tenants looking for rental properties, which could intensify competition among landlords. Given the limited number of renters, landlords must carefully consider their tenant selection strategy to maximize occupancy and revenue.
The takeaway for landlords is clear: accepting vouchers can be financially beneficial due to the higher payment rates. However, it also requires navigating the additional administrative and regulatory requirements associated with the voucher program. For those focused on cash-paying tenants, the lower market rate might attract more local residents but could result in less income per unit compared to voucher recipients.
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.