Location: Michigan City-La Porte, 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 | $1,050 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $172,261 | 0.79% | D |
| 3BR | $1,670 | $233,657 | 0.71% | D |
U.S. Census Bureau data (2024)
The median household income in ZIP 46348, La Crosse, IN, stands at $64,375 according to recent Census data. At the same time, the market rent rate is reported to be $988 per month. This means that a significant portion of the monthly income, approximately 18%, would need to be allocated towards rent if a household were to pay the market rate.
Comparatively, the Fair Market Rent (FMR) set by HUD for the fiscal year 2024 is $1170, which is notably higher than the current market rate. However, it's important to note that Section 8 vouchers typically cover a substantial part of the rent, making housing more affordable for low-income families.
In ZIP 46348, only 13.4% of the total 1,217 residents are renters. This indicates a relatively low demand for rental properties, which could translate into increased competition among landlords to attract tenants. The affordability gap between the median income and both the market rate and FMR highlights the financial strain on renters, particularly those relying solely on their income without assistance.
For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the analysis points to a strategic decision. Given the high FMR compared to the median income, accepting vouchers can secure a steady stream of rental income. Vouchers guarantee payment up to the $1170 FMR, which is above the current market rate of $988. This makes it a reliable option in a market where many potential tenants might struggle to meet the $988 rent without subsidy.
The takeaway for landlords is clear: while there may be fewer overall renters in ZIP 46348, the financial support provided by Section 8 vouchers can offer stability and mitigate the risk of vacancies. Accepting vouchers can also position landlords as key players in providing affordable housing solutions in an area where many households face challenges in covering rent expenses without assistance.
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.