Section 8 Fair Market Rent (FMR) for ZIP 46323 - 2027

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

Investment Score for ZIP 46323

C
Monthly Rent (2BR)
$1,540
Median Price (2BR)
$163,398
1% Rule
0.94%
Annual Yield
11.31%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$1,200
1 Bedroom$1,270
2 Bedrooms$1,540
3 Bedrooms$1,870
4 Bedrooms$2,050
5 Bedrooms$2,378
6 Bedrooms$2,663
7 Bedrooms$2,876
8 Bedrooms$3,020

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms Monthly FMR Median Price 1% Rule Grade
2BR $1,540 $163,398 0.94% C
3BR $1,870 $197,591 0.95% C
4BR $2,050 $223,469 0.92% C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
23,047
Median Household Income
$59,688
Housing Units
8,978
Renter Percentage
32.5%
Occupancy Rate
93.3%
Renter Occupied
2,718

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.