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Delaware County/Muncie/47304

47304

ZIPSAFMR
Delaware County, IN
Zillow

ZIP Investment Score

109Above average

095130300
BRFMR
Eff. Rent
0 BR$980$830
1 BR$1,000$990
2 BR$1,250$1,150
3 BR$1,570$1,500
4 BR$2,060$1,730
5 BR$2,369Not available
6 BR$2,724Not available
7 BR$3,133Not available
8 BR$3,603Not available

Purchase Price Calculator

Maximum purchase price
$108,973

Cost breakdown

+Likely effective rent$1,150
HUD FMR$1,250
Market rentUsed$1,150
Est. payment standard (95%)$1,190
-Principal and interest-$551
Loan amount$87,178
Down payment$21,795
Rate6.50%
Term30 years
-Operating costs-$399
Property taxes-$109
Insurance-$175
Utilities$0
HOA$0
Management-$115
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,702(85.8% ROI)
Projected value
$117,352
Return breakdown
Property appreciation+$8,379
Loan principal paid down+$3,123
Rental cash flow+$7,200
5-year hold
+$31,890(146.3% ROI)
Projected value
$123,293
Return breakdown
Property appreciation+$14,320
Loan principal paid down+$5,570
Rental cash flow+$12,000
10-year hold
+$67,794(311.1% ROI)
Projected value
$139,495
Return breakdown
Property appreciation+$30,522
Loan principal paid down+$13,272
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.18
1 BR
1.01
2 BR
1.09
3 BR
1.05
4 BR
1.19
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 47304 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47304 (Muncie, IN) is $1,250 a month. That is up 11.6% from $1,120 in FY 2026. Muncie is in the Muncie, IN MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,145. Among 23 ZIP codes in Delaware County, 47304 has the 4th-highest two-bedroom rent (county range $1,010–$1,410). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47304 is 15% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 47304
BedroomsFY 2027Change90–110% range
Studio$980+14.0%$882–$1,078
1BR$1,000+9.9%$900–$1,100
2BR$1,250+11.6%$1,125–$1,375
3BR$1,570+8.3%$1,413–$1,727
4BR$2,060+13.8%$1,854–$2,266

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 47304
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$980$1,000$1,250$1,570$2,060
FY 2026$860$910$1,120$1,450$1,810
FY 2025$790$860$1,050$1,380$1,600
FY 2024$770$850$1,030$1,380$1,500
FY 2023$700$760$930$1,250$1,310

Two-bedroom rent in nearby Delaware County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 47304
47302$1,110−11.2%
47303$1,170−6.4%
47304Current$1,250—
47305$1,010−19.2%
47306$1,220−2.4%
47307$1,150−8.0%
47308$1,150−8.0%
47320$1,120−10.4%
47334$1,070−14.4%
47336$1,070−14.4%
47338$1,010−19.2%
47342$1,090−12.8%

Questions about ZIP 47304 rents

How much will Section 8 pay for a two-bedroom in ZIP 47304?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,145, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,031 to $1,260 a month; under the ZIP-level Small Area FMR of $1,250 it would be $1,125 to $1,375. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 47304 in?

ZIP 47304 is in the Muncie, IN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,145.

How much did fair market rent change in ZIP 47304 for FY 2027?

The two-bedroom FMR rose 11.6%, from $1,120 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has risen 34.4%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentMuncie, IN fair market rentIN statewide rentsWhat is SAFMR?Data sources