Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The rent math for ZIP 46379 in Gary, IN does not clearly work in favor of landlords due to the lack of available market rent data. The Fair Market Rent (FMR) set at $1250 for the fiscal year 2024 serves as a benchmark, but without comparative market rent figures, it's challenging to determine if this amount is feasible for maintaining profitability.
Acquisition in ZIP 46379 appears affordable, given the median home value stands at $97,003. However, the absence of data on days on market (DOM) and the percentage of homes that have been discounted indicates a lack of insight into how quickly properties are selling and at what price point. This uncertainty can impact the feasibility of acquiring properties at favorable prices.
Tenant demand is low in ZIP 46379. With a total population of 234, only 13.7% are renters. This translates to a mere 32 potential tenants, which is insufficient to support a robust rental market. The scarcity of renters suggests that finding and retaining tenants could be difficult, potentially leading to higher vacancy rates and reduced income stability.
Verdict: Despite the affordability of property acquisition with a median home value of $97,003, the viability of investing in ZIP 46379 remains questionable. The lack of market rent data makes it hard to assess whether the $1250 FMR is attainable. More critically, the limited tenant demand poses a significant risk. With such a small population and a low percentage of renters, the pool of potential tenants is too shallow to ensure consistent occupancy and financial returns. Therefore, landlords and small-portfolio investors should proceed with caution and seek additional local insights before considering investments in this area.
Data Sources: FMR data from HUD (2027). 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.