Location: Jasper County, 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 | $920 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,180 | $227,842 | 0.52% | F |
| 3BR | $1,440 | $325,457 | 0.44% | F |
| 4BR | $1,570 | $406,727 | 0.39% | F |
| 5BR | $1,821 | $508,101 | 0.36% | F |
U.S. Census Bureau data (2024)
The market in ZIP 46341, encompassing Hebron, IN, presents a dynamic scenario indicative of balanced but slightly demand-driven conditions. The Fair Market Rent (FMR) for the area stands at $1050 for fiscal year 2024, while the actual market rent reported by the Census ACS is $954. This suggests that rental properties are generally priced below the benchmark set by the government, potentially indicating a slight surplus of rental units.
The low price-cut share of 0.4% signals that landlords and property owners are not frequently discounting their rents, which could imply that the market remains competitive for renters. However, the lack of data on days on market (DOM) makes it challenging to draw definitive conclusions about the speed at which properties are being leased or sold.
The median home value in the area is $324,612, reflecting a stable residential market. While this figure alone does not provide insight into whether supply outpaces demand, it can be inferred that the relatively low price-cut share and stable median home value suggest a market where demand is steady, if not slightly exceeding supply.
A noteworthy statistic is the 13.5% renter share, which indicates a significant portion of the population prefers renting over owning. This trend often points to long-term housing pressures, as a higher renter share can signify either affordability issues or a transient workforce, both of which contribute to sustained rental demand.
In summary, the market in ZIP 46341 appears to be in a state of flux, leaning towards a scenario where demand is robust enough to keep rental prices near the FMR without necessitating frequent discounts. The presence of a substantial renter share further underscores the ongoing need for rental properties, which could lead to continued interest from small-portfolio investors seeking 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.