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 | $1,160 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $276,264 | 0.54% | F |
| 3BR | $1,800 | $347,245 | 0.52% | F |
| 4BR | $1,970 | $460,249 | 0.43% | F |
| 5BR | $2,285 | $557,419 | 0.41% | F |
U.S. Census Bureau data (2024)
1610 FMR (Fair Market Rent) for ZIP 46311 in Dyer, IN, indicates the maximum rental assistance payment HUD will allow for the fiscal year 2024. This figure stands above the $1,233 average market rent reported by the Census Bureau's American Community Survey, suggesting a potential premium for landlords participating in the Section 8 program. The median home value of $361,172 reflects a stable housing market, but the 9.9% share of renters highlights a smaller demand base compared to owner-occupied homes. With a median income of $116,652, residents of Dyer have a strong financial standing, which could translate into better tenant reliability and lower risk of default on rental payments.
The 45-day Days on Market (DOM) statistic shows that properties are typically rented quickly, indicating a competitive rental market where landlords might find it advantageous to accept Section 8 tenants. However, the 0.2% share of homes that experienced price cuts suggests that while competition exists, it is not overly fierce, and landlords can maintain reasonable rents without frequent concessions.
In conclusion, the favorable disparity between the FMR and the market rent, combined with a quick rental market and a solid median income, makes ZIP 46311 an attractive area for landlords willing to participate in the Section 8 program. Despite the relatively low share of renters, the benefits outweigh the risks, offering a steady stream of rental income with minimal vacancy periods. Verdict: Accept Section 8 tenants in Dyer, IN, for stable returns.
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.