Location: Lafayette-West Lafayette, IN | Metro: Lafayette-West Lafayette, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
The market in ZIP 47996, located in Indiana, is currently characterized by a fixed-market rent (FMR) of $1070 for the fiscal year 2024. This figure represents the maximum amount of rent that can be charged to low-income households under the Section 8 Housing Choice Voucher program. The lack of available market rent data suggests that the private rental market in this area may not be as active or well-documented as others, leading to a less competitive environment.
The absence of percentage data on price-cut share and days on market (DOM) indicates a limited supply of rental properties or a relatively stable market with few fluctuations. This stability could be due to a variety of factors, including a consistent economic base, low population growth, or a strong local housing authority presence. Given the N/A status for these metrics, it's difficult to pinpoint whether supply outpaces demand or vice versa, but the implication is a market that is neither overly saturated nor experiencing significant shortages.
A notable aspect is the lack of data on median home values, which might suggest a predominantly rental-focused area or a region where homeownership is less common. The unknown percentage of the renter share further complicates the picture, but it can be inferred that a high renter share would likely indicate ongoing long-term housing pressure, as more residents rely on rental housing rather than purchasing homes. Conversely, a lower renter share could point towards a more balanced market with both renters and homeowners contributing to the housing dynamics.
In summary, ZIP 47996 presents a market where the Section 8 program plays a significant role, with a defined FMR guiding rental prices. The scarcity of other market indicators points towards a stable, possibly less dynamic rental environment, without clear evidence of either excess supply or demand. The housing situation in this area remains somewhat opaque, particularly regarding the balance between renters and homeowners, which would provide deeper insight into the long-term pressures shaping the local real estate landscape.
Data Sources: FMR data from HUD (2027).
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.