Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The median income in ZIP code 46393 stands at $56,250, which provides a baseline for understanding the financial capacity of local households. However, the absence of specific market rate rental data (N/A) makes it challenging to directly assess whether a typical household can afford local rents. Instead, we can focus on the voucher payment standard, which is set at $1280 per month for fiscal year 2024.
Given the limited number of renters—only 10.8% of the 216 total population—the competition among landlords is relatively low. This means that those who do rent out their properties have a smaller pool of potential tenants to choose from, which can influence both the selection process and the willingness to accept voucher payments.
The affordability gap becomes apparent when comparing the voucher payment standard to the median income. A household earning $56,250 annually has a monthly income of approximately $4687. Assuming a typical rent-to-income ratio of 30%, this household could afford a rent of around $1406 per month. Therefore, the $1280 voucher payment standard is well within the affordable range for most residents in ZIP 46393.
Takeaway for Landlords: In ZIP 46393, accepting voucher payments can be a viable strategy due to the low competition and the fact that the voucher amount is within the affordability threshold for most residents. While cash-paying tenants might offer higher rents, the reliability and stability provided by housing vouchers make them a strong consideration. Landlords should weigh the benefits of guaranteed payments against the potential for slightly higher revenue from non-voucher tenants.
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.