Location: Starke County, IN | Metro: Jasper County, 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 | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $186,198 | 0.57% | F |
| 3BR | $1,390 | $253,448 | 0.55% | F |
U.S. Census Bureau data (2024)
The market in ZIP 46374, encompassing San Pierre, IN, presents a dynamic scenario where the Federal Market Rent (FMR) at $1160 for FY 2024 stands notably above the current market rent of $771 as reported by the Census American Community Survey (ACS). This suggests that the rental market is currently undervalued relative to government standards, potentially indicating a growing demand for rental properties. The median home value of $227,566 provides insight into the overall economic health and property values in the area, though without time-series data, it's challenging to discern trends.
A significant 18.3% of residents in ZIP 46374 are renters, which implies a persistent long-term housing pressure. This high renter share could be due to various factors including affordability issues, transient populations, or young professionals who prefer renting over buying. The dynamics of a higher renter population can lead to increased competition among landlords, pushing rental prices closer to the FMR over time.
The lack of specific data on price-cut share and days on market (DOM) makes it difficult to conclusively state whether supply outpaces demand or vice versa. However, the disparity between the FMR and the actual market rent suggests that demand might be increasing, driving rents upward towards the FMR level. Landlords and small-portfolio investors should monitor these indicators closely as they evolve, as they will provide clearer signals regarding future market conditions.
In summary, ZIP 46374 appears to be a market where rental demand is likely rising, evidenced by the gap between the FMR and current market rents. The high percentage of renters points to ongoing housing pressures, which could translate into a robust rental market in the near term. Investors should focus on understanding local demographic shifts and economic factors that influence housing demand to make informed decisions.
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.