Location: White County, IN | Metro: Jasper 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 | $1,110 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,440 |
| 5 Bedrooms | $2,830 |
| 6 Bedrooms | $3,170 |
| 7 Bedrooms | $3,424 |
| 8 Bedrooms | $3,595 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $156,387 | 0.95% | C |
| 3BR | $2,040 | $219,966 | 0.93% | C |
| 4BR | $2,440 | $252,878 | 0.96% | C |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 47946, Francesville, Indiana, in fiscal year 2024 is set at $1200. 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 will receive; rather, it's the benchmark used to determine the rent subsidy for eligible tenants.
In comparison, the average rent for the area, according to the latest Census American Community Survey (ACS), is $953. This indicates that the FMR is higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program. The difference between the FMR and the average rent suggests a potential opportunity to earn slightly above the local market average while still providing affordable housing options.
The 15.4% renter share in ZIP 47946 means that nearly one-sixth of the households in the area are renters. This statistic points to a steady demand for rental properties, particularly those that offer affordability. Given the local demographics, there is likely a consistent pool of tenants who would benefit from and seek out Section 8 vouchers.
When considering acquiring a property for a Section 8 rental, the median home value in the area is approximately $207,240. This figure gives you an idea of the investment required to enter the market. Before making a final decision, ensure that the property meets all the necessary criteria for the Section 8 program, including the physical condition standards and any additional requirements set by the local housing authority.
To summarize, the FMR of $1200 provides a clear guideline for the maximum allowable rent, while the average rent of $953 reflects the local market conditions. With a 15.4% renter share, there is a reasonable demand for rental units, and the median home value of $207,240 helps frame your investment expectations. Verify that the property complies with the Section 8 requirements to avoid any complications post-acquisition.
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.