Location: Terre Haute, IN | Metro: Terre Haute, 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 | $820 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,270 | $173,301 | 0.73% | D |
U.S. Census Bureau data (2024)
The market in ZIP 47974 presents a dynamic environment where rental prices are closely aligned with Fair Market Rent (FMR) standards set for the fiscal year 2024. With an FMR of $860, the actual market rent at $842 indicates that the area is competitive but stable, suggesting that demand is strong enough to keep rents close to the benchmark without significant downward pressure.
The median home value of $170,859 is a key indicator of the overall affordability and economic conditions within the ZIP code. This figure, while not directly tied to rental dynamics, can influence the supply-demand balance by affecting the homeownership rate and the types of properties available for rent.
Arenter share of 26.9% is noteworthy. This percentage suggests a moderate reliance on rental housing, which implies a steady but not overwhelming need for rental units. However, it also points to potential long-term housing pressures, as a higher proportion of renters can indicate challenges in transitioning to homeownership due to financial constraints or other barriers. This dynamic can create a sustained demand for rental properties, benefiting landlords and small-portfolio investors who are willing to adapt to the market's needs.
The lack of data on price-cut share and days on market (DOM) means we cannot definitively state whether supply outpaces demand or vice versa. However, given the close alignment between market rents and FMR, and the moderate renter share, it is reasonable to infer that the market is balanced, with neither an excess of rental units nor a shortage. Landlords should focus on maintaining competitive rents and property quality to attract tenants in this stable yet moderately pressured market.
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.