Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $261,955 | 0.63% | D |
| 3BR | $2,010 | $345,328 | 0.58% | F |
| 4BR | $2,190 | $437,536 | 0.5% | F |
| 5BR | $2,540 | $547,119 | 0.46% | F |
U.S. Census Bureau data (2024)
Crown Point (46307) is widely regarded as one of Lake County's most desirable suburban communities, offering a quiet, small-town atmosphere that feels distinctly removed from the industrial character of nearby Gary. The city centers around a historic downtown square that hosts popular events like the weekly farmers market and the annual Corn Roast, fostering a strong sense of community. For employment stability, the Franciscan Health Crown Point hospital serves as a major local institution, providing a consistent economic base and drawing healthcare workers to the area. This infrastructure supports a family-friendly environment where housing demand remains generally robust.
From a numerical standpoint, the area presents a specific challenge for voucher holders. The HUD Fair Market Rent (FMR) for a 2-bedroom unit in FY2026 is set at $1,510, while current market rents (Zillow ZORI) reach $1,763. This creates a gap of $253 per month that voucher tenants would need to cover out-of-pocket, assuming they can find a unit priced at the SAFMR of $1,450. Additionally, the median home value sits at $353,867, and properties stay on the market for a median of 73 days, suggesting a relatively liquid sales market for investors looking to exit or refinance. However, the disparity between FMR and market rent is the primary figure to watch.
The tenant pool is characterized by high income and homeownership, with a median household income of $107,800 and a renter share of just 12.0%. With top-rated schools within the Crown Point Community School Corporation and easy access to major highways like I-65, the area attracts families who typically prefer buying over renting. Consequently, the traditional Section 8 demand is lower here than in higher-density locales; most voucher holders looking at this ZIP are likely local families seeking better school districts rather than transplants, but they face a market priced significantly above the standard payment standard.
The Section 8 verdict for Crown Point 46307 leans toward appreciation and stability rather than immediate cash flow. Because the market rent exceeds the 2BR FMR by $253, standard vouchers rarely cover the full cost of premium rentals, limiting the pool of prospective tenants to those who can pay the difference. Investors should view this as a defensive, long-term hold play—capitalizing on the $353,867 median home value and high household income to ensure property appreciation—rather than a high-yield voucher play.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.