The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Monticello, IN 47960's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 47960 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $585 to a high of $715, with an average of $650.
One-bedroom: One-bedroom rental prices vary, with a minimum of $594, a maximum of $726, and an average of $660.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $774, peaking at a maximum of $946, and averaging at $860.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $999, a maximum of $1,221, and an average of $1,110.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,035 to a maximum of $1,265, with an average of $1,150.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Monticello, IN 47960 Low Rent (90%) $585 $594 $774 $999 $1,035
Average Rent $650 $660 $860 $1,110 $1,150
High Rent(110%) $715 $726 $946 $1,221 $1,265
2023 Monticello, IN 47960 Low Rent (90%) $603 $612 $801 $990 $1,080
Average Rent $670 $680 $890 $1,100 $1,200
High Rent (110%) $737 $748 $979 $1,210 $1,320
2022 Monticello, IN 47960 Low Rent (90%) $567 $576 $756 $936 $1,026
Average Rent $630 $640 $840 $1,040 $1,140
High Rent(110%) $693 $704 $924 $1,144 $1,254
2021 Monticello, IN 47960 Low Rent (90%) $531 $531 $702 $873 $954
Average Rent $590 $590 $780 $970 $1,060
High Rent (110%) $649 $649 $858 $1,067 $1,166
2020 Monticello, IN 47960 Low Rent (90%) $504 $513 $675 $837 $918
Average Rent $560 $570 $750 $930 $1,020
High Rent(110%) $616 $627 $825 $1,023 $1,122
2019 Monticello, IN 47960 Low Rent (90%) $495 $504 $666 $873 $936
Average Rent $550 $560 $740 $970 $1,040
High Rent (110%) $605 $616 $814 $1,067 $1,144


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