Section 8 Fair Market Rent (FMR) for ZIP 47983 - 2027

Location: Lafayette-West Lafayette, IN | Metro: Lafayette-West Lafayette, IN HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$950
1 Bedroom	$1,080
2 Bedrooms	$1,290
3 Bedrooms	$1,540
4 Bedrooms	$2,160
5 Bedrooms	$2,506
6 Bedrooms	$2,807
7 Bedrooms	$3,032
8 Bedrooms	$3,184

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

255

Median Household Income

$60,756

Housing Units

136

Renter Percentage

24.3%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 47983, located in southern Indiana, is characterized by its rural setting and close-knit community, offering landlords and small-portfolio investors a niche market with steady demand for rental properties.

The Fair Market Rent (FMR) for ZIP 47983 in fiscal year 2024 is set at $1040, providing a benchmark for rental pricing.
The market rent is currently unavailable, indicating a lack of recent data on average rental rates in the area.
The median home value in the area is also not available, suggesting that the housing market may be less active compared to urban areas.
Renters make up 24.3% of the local population, which means there is a moderate but consistent demand for rental properties.
The median income in ZIP 47983 is $60,756, reflecting the economic stability of the residents and their ability to afford rent at or near the FMR.
The Days on Market (DOM) figure is not available, making it difficult to assess how quickly properties are typically leased in this area.

Given the data points, investing in rental properties in ZIP 47983 offers a stable return with a known FMR benchmark. The moderate renter share indicates a balanced market where demand meets supply without being overly saturated. With a median income that supports the FMR, tenants are likely to be financially capable of maintaining consistent rental payments. However, the absence of current market rent and DOM data suggests a need for further research to understand the leasing dynamics and competition in this rural area.

Data Sources: FMR data from HUD (2027). 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.