Section 8 Fair Market Rent (FMR) for ZIP 46302 - 2027

Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,080
1 Bedroom	$1,140
2 Bedrooms	$1,380
3 Bedrooms	$1,680
4 Bedrooms	$1,830
5 Bedrooms	$2,123
6 Bedrooms	$2,378
7 Bedrooms	$2,568
8 Bedrooms	$2,696

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$56,875

Housing Units

Renter Percentage

N/A

Occupancy Rate

65.6%

Renter Occupied

The town of Guilford, located in New Haven County, Connecticut, and represented by ZIP code 46302, offers a unique real estate market primarily driven by homeownership. With a significant portion of residents owning their homes, the rental market remains less prominent compared to other areas.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 46302 for fiscal year 2024 is set at $1290.
The market rent, which reflects actual rental rates, is currently not available for this area, indicating a lack of comprehensive data on rental trends.
The median home value in ZIP 46302 is also not available, suggesting that detailed property valuation data may be limited or not regularly updated.
Renters make up only 0.0% of the housing market, underscoring the dominance of homeownership in the area.
The Days on Market (DOM) figure for properties is not available, which could mean that listings are either scarce or sell quickly, without needing to track this metric closely.
The median household income in the area stands at $56,875, providing insight into the economic conditions and potential purchasing power of local residents.

Given the high homeownership rate and the absence of specific rental market data, investors looking to enter the rental market in ZIP 46302 should approach cautiously. The fair market rent provides a benchmark for pricing units if they choose to invest in rental properties, but the scarcity of renters suggests a niche market. Additionally, the median income gives an indication of the financial stability of the population, which is important for assessing the risk profile of potential investments. For landlords and small-portfolio investors, focusing on owner-occupied properties or considering multifamily developments where rental data might be more robust could be more strategic.

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.