Location: Montgomery County, IN | Metro: Indianapolis-Carmel, 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 | $1,060 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,250 | $181,027 | 0.69% | D |
| 3BR | $1,620 | $267,561 | 0.61% | D |
U.S. Census Bureau data (2024)
15.3% of residents in ZIP 47968, New Ross, IN, are renters, indicating a moderate demand for rental properties. The $1,069 market rent figure, derived from Census ACS data, reflects the average cost tenants are currently paying in the area. This is notably lower than the $1240 Fair Market Rent (FMR) set for the fiscal year 2024, suggesting a potential opportunity for landlords to increase their rental rates without significantly deterring tenants. The median home value of $238,121 provides insight into the overall property values in the region, which can be crucial for assessing the potential resale value of rental properties. Additionally, the median income of $83,242 gives landlords an understanding of the financial capacity of local residents, ensuring that the increased rents align with the economic realities of the area.
The difference between the market rent and the FMR indicates that there is room for landlords to adjust their rental prices upwards, making their investments more profitable. However, it's important to note that the N/A-day Days on Market (DOM) and N/A% Price-Cut Share suggest limited data on how quickly properties are being rented out and the frequency of price reductions. Despite these gaps in data, the overall trend points towards a stable rental market where landlords can expect reasonable returns on their investment.
In conclusion, given the current economic conditions and the established fair market rent, landlords and small-portfolio investors should find ZIP 47968 to be a favorable environment for Section 8 housing. The $1240 FMR exceeds the $1,069 market rent, providing a solid basis for accepting Section 8 tenants without sacrificing profitability. This makes Section 8 participation a viable strategy for maintaining occupancy and ensuring steady cash flow in New Ross, IN.
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.