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 | $960 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,560 | $357,742 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 47943 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover is a significant concern, with the Fair Market Rent (FMR) set at $1120 for fiscal year 2024. This figure is crucial because it represents the maximum amount that the government will pay for a rental unit, which can be lower than the local market rent if tenants are not willing to pay above the FMR. High turnover rates can lead to increased costs associated with finding new tenants and preparing units for occupancy.
Vacancy exposure is another risk factor. The Days on Market (DOM) for properties in this area is not available, but typically, higher DOM values indicate greater difficulty in renting out units, which can result in extended periods of non-payment and lost revenue. Landlords must be prepared for potential vacancies and the financial strain they can cause.
Deferred maintenance is also a critical issue. With a typical home value of $354,884 and a median income of $77,857, there may be limited financial resources for landlords to invest in regular property upkeep. This can lead to costly repairs down the line and potentially affect the overall quality of the rental units, impacting their attractiveness to tenants.
However, these risks are somewhat mitigated by the high renter share in the area, which stands at 14.6%. A larger proportion of renters often correlates with higher demand for housing vouchers, making the ZIP code more likely to have a pool of qualified Section 8 tenants. This can ensure a steady stream of rental income, as long as the landlord is willing to comply with the program's requirements.
In conclusion, the risks associated with deferred maintenance and potential vacancy exposure make ZIP 47943 a moderate risk for a first-time Section 8 landlord. Despite these challenges, the high renter share suggests a robust demand for subsidized housing, which can offset some of the financial uncertainties.
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.