Location: Gary, 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 | $840 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $140,660 | 0.76% | D |
| 3BR | $1,300 | $221,011 | 0.59% | F |
| 4BR | $1,420 | $259,427 | 0.55% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 47963, Morocco, IN, presents a nuanced picture for landlords and small-portfolio investors. With a median home value set at $189,965, it's evident that the area remains relatively affordable compared to larger metropolitan regions. However, the current data shows that the percentage of listings reduced and the median days on market (DOM) are not available, which could indicate either a stable market or a lack of recent transactions that would provide insights into seller concessions and market velocity.
On the rental side, the Fair Market Rent (FMR) for ZIP 47963 as of fiscal year 2024 is projected at $990, while the current market rent, based on Census ACS data, stands at $871. This suggests a potential upward pressure on rents, as the market is likely to trend towards the FMR. Landlords can expect to see gradual increases in rental income, aligning with the FMR projection. This positive rent-side dynamic supports the notion that there is demand for housing in the area, which could translate into stronger pricing power for property owners.
For long-term investors, the setup in ZIP 47963 implies a realistic appreciation thesis. The combination of an affordable median home value and a growing gap between the current market rent and the FMR points towards a market that is poised for moderate growth. As rental values approach the FMR, this will likely support home values, creating a scenario where both rental and sale prices could rise. The absence of significant listing reductions and a potentially short DOM could indicate a strong seller's market, further reinforcing the idea that property values have solid underpinning.
In conclusion, the data for ZIP 47963 signals a market where landlords and small-portfolio investors can maintain pricing power over the next 12-24 months. The current affordability and the projected increase in rental rates suggest that properties in this area are likely to appreciate gradually, providing a steady return on investment for those looking to hold their assets for the long term.
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.