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 | $1,240 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $221,510 | 0.72% | D |
| 3BR | $1,960 | $289,070 | 0.68% | D |
| 4BR | $2,260 | $336,173 | 0.67% | D |
U.S. Census Bureau data (2024)
With a $1300 Fair Market Rent (FMR) set for zip code 46390 in Wanatah, IN for fiscal year 2024, landlords can expect a significant margin over the $956 average market rent reported by the Census Bureau's American Community Survey. This difference suggests a potential opportunity to increase rental income without exceeding tenant affordability limits.
The median home value in the area stands at $277,037, indicating a stable housing market where property values have remained consistent. Given the 12.7% share of renters in the population, there is a notable but not overwhelming demand for rental properties, which could help maintain steady occupancy rates.
Average tenants in this area earn a median income of $87,639, which is more than sufficient to cover the $1300 FMR set by HUD for Section 8 eligibility. This income level supports the financial health of the local rental market, ensuring that tenants are capable of contributing their portion of the rent.
Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the overall economic indicators suggest that the rental market in Wanatah, IN remains robust. The absence of high DOM and price-cut percentages implies that properties are selling quickly and at close to asking prices, further supporting the stability of the real estate market.
Landlords and small-portfolio investors should take note of these figures when considering the viability of participating in the Section 8 program. The $1300 FMR provides a clear guideline for setting rents that are both competitive and compliant with federal standards, while the strong median income ensures that tenants can meet their financial obligations.
In conclusion, the data points to a favorable environment for Section 8 participation in Wanatah, IN. The combination of reasonable market rents, a solid median home value, and a healthy median income makes it a prudent choice for landlords looking to secure long-term, stable tenancy. Verdict: Suitable for Section 8 investment.
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.