Location: Carroll County, IN | Metro: Carroll County, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 47997 presents a market characterized by a balance between federal fair market rental rates and actual market rents, with the Fair Market Rent (FMR) set at $860 for fiscal year 2024, while the average market rent reported by the Census ACS stands at $556. This discrepancy suggests that landlords in this area have an opportunity to align their rental pricing closer to the FMR without significantly deterring potential tenants.
A key indicator of the market's dynamics is the 22.7% renter share. This figure points towards a moderate level of long-term housing pressure, as a significant portion of the population relies on rental properties. However, it also implies that a majority of residents own their homes, which could mean that there is a stable core of homeownership that buffers against extreme rental market volatility.
While the lack of data on price-cut share, days on market (DOM), and median home value leaves some questions unanswered regarding the specific conditions of property sales, the overall picture suggests a market where demand is likely to meet or slightly exceed supply. The relatively low market rent compared to the FMR indicates that there might be room for rental rate increases, but it also reflects a landlord-friendly environment where competition among renters is not excessively high.
In conclusion, ZIP 47997 appears to be a market in motion, with rental rates below the federally recommended levels, suggesting a space for growth and adjustment. The moderate renter share points to a steady but not overwhelming need for rental units, making it a viable option for landlords and small-portfolio investors looking for a balanced investment opportunity.
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.