Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
The ZIP code 46384 in Gary, Indiana, stands out due to its unique economic profile, which currently lacks detailed resident and income data. This scarcity of specific figures makes it challenging to provide a comprehensive analysis based solely on the available data. However, the Fair Market Rent (FMR) for ZIP 46384 has been set at $1290 for the fiscal year 2024, offering a critical benchmark for landlords and small-portfolio investors.
The FMR is a significant metric used to determine the rent limits for housing assistance programs such as Section 8. In ZIP 46384, this figure serves as a guideline for acceptable rental rates that align with government assistance standards. While the exact market rent for the area is not specified, the FMR provides a clear threshold that can influence the rental pricing strategy for properties accepting Section 8 vouchers. Landlords should ensure their rental rates are competitive yet compliant with the FMR to attract tenants without undervaluing their properties.
Given the limited data points available, the economic landscape of ZIP 46384 appears transitional. The absence of key metrics suggests ongoing changes or developments in the area, which could impact both the local housing market and the effectiveness of Section 8 vouchers. Investors and landlords should remain vigilant about updates in the local real estate market and adjust their strategies accordingly to capitalize on potential growth opportunities or mitigate risks associated with market fluctuations.
Data Sources: FMR data from HUD (2027).
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.