Location: White County, IN | Metro: Warren 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 | $930 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $146,317 | 0.77% | D |
| 3BR | $1,350 | $214,162 | 0.63% | D |
| 4BR | $1,800 | $257,595 | 0.7% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47944, Fowler, Indiana, for fiscal year 2024 is set at $970. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you'll receive; rather, it's the payment standard used by the Housing Authority to determine the rent subsidy for eligible tenants.
To put this into perspective, the average rent for ZIP 47944, according to the latest Census American Community Survey (ACS), is $736. This means that while the FMR is higher, the actual market rent is lower. However, the Section 8 program ensures that your rental income will be closer to the FMR, which is beneficial if you're looking to stabilize your cash flow.
In Fowler, approximately 21.1% of residents are renters. This suggests that there is a moderate demand for rental properties in the area. Given the FMR and the fact that many renters may struggle to find affordable housing, Section 8 vouchers can help fill this demand and ensure that your property remains occupied.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in ZIP 47944 is around $206,316. This figure reflects the typical acquisition cost for a home in the area, which can be a good starting point for your investment calculations. Remember, the FMR of $970 is the cap for rent, so your monthly income will be based on this number.
Before proceeding with a Section 8 rental, it's crucial to verify that your property meets all the required inspection standards. The Housing Authority conducts regular inspections to ensure that the property is safe, healthy, and up to code. Failure to meet these standards can result in reduced payments or even termination of the lease agreement.
In summary, the FMR of $970 provides a stable income benchmark, and the local average rent of $736 indicates a reasonable market rate. With a renter share of 21.1%, there is a steady demand for rentals, and the median home value of $206,316 offers a realistic price point for acquiring a property. Ensure your property passes the necessary inspections to avoid any issues down the line.
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.