Section 8 Fair Market Rent (FMR) for ZIP 47991 - 2027

Location: Warren County, IN | Metro: Warren County, IN HUD Metro FMR Area

Investment Score for ZIP 47991

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$113,448

1% Rule

0.89%

Annual Yield

10.68%

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	$750
1 Bedroom	$890
2 Bedrooms	$1,010
3 Bedrooms	$1,340
4 Bedrooms	$1,340
5 Bedrooms	$1,554
6 Bedrooms	$1,740
7 Bedrooms	$1,879
8 Bedrooms	$1,973

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,010	$113,448	0.89%	C
3BR	$1,340	$154,444	0.87%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,371

Median Household Income

$105,842

Housing Units

547

Renter Percentage

36.1%

Occupancy Rate

95.2%

Renter Occupied

188

West Lebanon, IN, represented by ZIP code 47991, is a modest-sized community with a mix of homeowners and renters. The area offers a balanced environment where both property ownership and rental investments can thrive. Here's a detailed look at the key metrics that define the real estate landscape in West Lebanon.

The Fair Market Rent (FMR) for ZIP 47991 is set at $860 for fiscal year 2024, indicating the average rent price for a two-bedroom apartment, which serves as a benchmark for rental properties in the area.
According to the Census American Community Survey (ACS), the market rent for the same type of unit stands at $604, suggesting a lower average rent compared to the FMR, which might reflect the local economic conditions and housing supply.
The median home value in West Lebanon is $148,856, making it an attractive area for first-time homebuyers and investors looking for affordable entry points into the real estate market.
Renters make up 36.1% of the population, showing a significant portion of residents who prefer leasing over purchasing, which opens opportunities for landlords and small-portfolio investors interested in the rental market.
The median income in the area is $105,842, providing insight into the financial stability of the residents and their ability to afford higher rents or mortgage payments.
While the exact number of days on the market (DOM) for rentals is not available, the combination of moderate median home values and stable median incomes suggests a steady demand for rental properties in the area.

Investors should note the discrepancy between the Fair Market Rent and the actual market rent, which presents an opportunity to either align rents with the FMR or explore reasons behind the lower market rent. Given the substantial renter share and stable median incomes, there is a consistent demand for rental units, particularly those priced around the market rent level. The median home value also indicates that West Lebanon is a cost-effective market for acquiring investment properties. Overall, West Lebanon offers a promising environment for real estate investments, especially in the rental sector, due to its affordability and the financial capacity of its residents.

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.