Location: Montgomery County, IN | Metro: Fountain County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
The median income in ZIP code 47949 stands at $76,429. Considering the market rate for rent is $883 according to Census ACS data, it becomes evident that the average household can indeed afford these rental costs. However, when comparing this figure to the Fair Market Rent (FMR) standard set at $1,180 for metro FY 2026, the disparity between what renters can afford and what the market deems fair becomes apparent.
With only 14.1% of the 1,555 population being renters, competition among landlords is relatively low. This means that landlords in ZIP 47949 have a smaller pool of potential tenants to attract, which could lead to strategic considerations regarding rental pricing and tenant selection.
The affordability gap suggests that landlords should be cautious about setting rents above the market rate of $883, as it may deter potential tenants who are already constrained by their income levels. On the other hand, the FMR of $1,180 represents a higher threshold that could be leveraged for those willing to accept Section 8 vouchers. Landlords must weigh the benefits of higher rent payments through vouchers against the administrative requirements and potential challenges associated with participating in the voucher program.
For landlords considering whether to adopt a voucher-friendly strategy or focus on cash-paying tenants, the key takeaway is to balance the local rental demand with the benefits of voucher programs. While the majority of households can manage the current market rate, accepting vouchers can provide access to a different segment of the market, potentially offering higher rents without significantly increasing vacancy rates. However, landlords should also be prepared for the additional paperwork and compliance involved with vouchers.
Data Sources: FMR data from HUD (2027). 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.