Location: White County, IN | Metro: Carroll 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 | $830 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,320 | $216,299 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 47950 is situated in a small, rural neighborhood with a total population of 657 residents. Approximately 22.1% of these residents are renters, indicating a modest demand for rental properties. The median household income in this area stands at $49,271, which is relatively low compared to national averages. This suggests that many residents may rely on government assistance programs such as Section 8 to afford housing.
The median home value in ZIP 47950 is $191,853, reflecting the overall affordability of the area. For those interested in the rental market, the Fair Market Rent (FMR) set by HUD for this ZIP code for fiscal year 2024 is $960. Given the lack of specific data on market rents, it can be inferred that the FMR closely aligns with what tenants might actually pay, considering the economic profile of the area.
From an investment perspective, ZIP 47950 is well-suited for a hands-off voucher operator. The low median income and high reliance on Section 8 indicate a steady demand for affordable housing. Investors can expect consistent tenant applications and a reliable source of rental income through the voucher program. However, the limited potential for premium rents due to the area's economic characteristics means that value-add strategies aiming to increase property values significantly would likely yield minimal returns.
To summarize, the economic landscape of ZIP 47950 supports a straightforward, hands-off approach to Section 8 investment, offering stability and predictability in rental income without the need for extensive property improvements or aggressive marketing efforts. The area's demographics ensure a steady flow of eligible tenants, making it an attractive option for those seeking a passive income stream through government-assisted rentals.
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.