Location: Lafayette-West Lafayette, IN | Metro: Warren 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 | $810 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $261,219 | 0.52% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 47975 does not work favorably for landlords. The Fair Market Rent (FMR) set at $970 for fiscal year 2024 contrasts sharply with the market rent of $822 based on Census ACS data. This discrepancy suggests that landlords may struggle to attract tenants willing to pay the higher FMR rate.
Acquisition is moderately affordable in this area. With a median home value of $239,674, potential investors can acquire properties without excessive capital outlay. However, the lack of data regarding the number of days on market (DOM) and the percentage of homes requiring price cuts indicates an incomplete picture of the local real estate market dynamics. Additional research would be necessary to fully assess the affordability of acquisitions.
Tenant demand in ZIP 47975 is relatively low. The area has a population of 604, with only 19.4% being renters. This implies a limited pool of potential tenants, which could make it challenging for landlords to maintain occupancy rates.
Verdict: The ZIP 47975 presents a mixed scenario for real-estate investment, particularly for landlords. While the median home value offers a reasonable entry point, the mismatch between FMR and actual market rents, combined with a low renter share, points to difficulties in achieving profitability and maintaining tenant occupancy. Landlords should carefully evaluate these factors before committing to investments in this area.
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.