Section 8 Fair Market Rent (FMR) for ZIP 47990 - 2027

Location: Montgomery County, IN | Metro: Fountain County, IN

Investment Score for ZIP 47990

Monthly Rent (2BR)

$1,200

Median Price (2BR)

$161,292

1% Rule

0.74%

Annual Yield

8.93%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,020
1 Bedroom	$1,030
2 Bedrooms	$1,200
3 Bedrooms	$1,550
4 Bedrooms	$1,680
5 Bedrooms	$1,949
6 Bedrooms	$2,183
7 Bedrooms	$2,358
8 Bedrooms	$2,476

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,200	$161,292	0.74%	D
3BR	$1,550	$221,373	0.7%	D
4BR	$1,680	$235,941	0.71%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,374

Median Household Income

$63,198

Housing Units

592

Renter Percentage

16.1%

Occupancy Rate

92.2%

Renter Occupied

To determine if you should buy in ZIP 47990 (Waynetown, IN) for Section 8 investment, follow these steps:

Step 1: Can the Fair Market Rent (FMR) of $1,050 cover the debt service on a property priced at $198,937?
- Yes. The FMR of $1,050 is sufficient to clear debt service on a property valued at $198,937. This means that the rental income generated from a Section 8 tenant will be enough to meet monthly mortgage payments and other expenses associated with owning the property.
Step 2: How does the market rent of $1,116 compare to the FMR?
- Above FMR. The market rent of $1,116 exceeds the FMR of $1,050, indicating that non-Section 8 tenants might be willing to pay more. This can be advantageous for landlords who may want to consider renting to both Section 8 and market-rate tenants depending on their portfolio strategy.
Step 3: Is there enough demand with 16.1% of residents being renters and an unknown number of days on the market (DOM)?
- It Depends. With 16.1% of residents being renters, there is some demand for rental properties. However, the lack of data regarding the average days on the market (DOM) makes it difficult to assess how quickly properties are rented out. If the DOM is low, it suggests strong demand; if high, it indicates a slower rental market.

In conclusion, the FMR in Waynetown, IN, is adequate to cover debt service on a property valued at $198,937, and the market rent is slightly higher than the FMR. The percentage of residents who rent is modest at 16.1%, but without knowing the DOM, it's challenging to fully evaluate the rental market's health. Landlords should consider these factors when deciding whether to invest in this area.

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.