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 | $1,210 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $226,575 | 0.69% | D |
| 3BR | $1,900 | $341,815 | 0.56% | F |
| 4BR | $2,170 | $419,944 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 46391, located in Westville, IN, has a population of 8,986 individuals, with 14.8% of residents being renters. The median household income in this area is $82,692. This indicates that the ZIP is not heavily dominated by renters; rather, it leans more towards homeownership. However, the presence of renters suggests there is some demand for housing assistance through vouchers.
The market rent in ZIP 46391 stands at $1,177 per month, which represents approximately 17% of the median household income when calculated annually. This figure is slightly above the Fair Market Rent (FMR) set at $1,160 for FY 2024, indicating that landlords can expect rents to be competitive but also slightly higher than the federal benchmark.
In terms of voucher availability, while there is a portion of the population that might qualify for assistance based on income levels, the relatively low percentage of renters suggests that vouchers could be less common compared to areas with a higher proportion of renters. Landlords in this ZIP should prepare for a tenant pool that includes a mix of those who may need financial assistance for housing and those who can afford market rates.
A landlord in ZIP 46391 should anticipate tenants who are likely to have a moderate level of income, with a significant number possibly requiring rental assistance. Given the median household income and the market rent, tenants will generally spend a reasonable amount of their income on rent, aligning closely with federal guidelines that suggest no more than 30% of income should go towards housing costs. This balance means that landlords can expect tenants who are financially stable enough to manage rent payments, even if they receive some form of subsidy.
To summarize, while ZIP 46391 is not a renter-heavy area, it still offers opportunities for landlords who are willing to work with tenants using vouchers. The expected tenant profile includes individuals and families who may rely on housing assistance to cover part of their monthly rent, alongside those who pay full market rates.
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.