Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
The rent math in ZIP code 46401, located in the HUD Metro FMR area of Gary, IN, does not work favorably for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1250. However, the market rent is listed as N/A, which means that landlords might struggle to cover costs and make a profit if they rely solely on the FMR. Without accurate market rent data, it's difficult to gauge the actual rental income potential.
Acquisition in this area is challenging due to the lack of specific data points. The median home value is listed as N/A, making it hard to assess the typical cost of acquiring properties. Additionally, the average days on market (DOM) and the percentage of homes that require a price cut before selling are also listed as N/A, indicating that there isn't enough information to determine whether the buying environment is favorable for small-portfolio investors.
Tenant demand in ZIP 46401 is also uncertain. The population figure is N/A, as well as the percentage of renters. Without these key metrics, it's impossible to evaluate the size of the potential tenant pool and their willingness to pay the FMR.
Verdict: Investment in ZIP code 46401 presents significant challenges due to the absence of critical data points. The rent math is unfavorable given the reliance on FMR without market rent context. Acquisition affordability cannot be determined with the missing median home value and DOM data. Lastly, tenant demand remains speculative without population and renter share statistics. Therefore, further research and data collection are necessary before considering this ZIP code as a viable investment opportunity.
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.