Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The ZIP code 46404, located in Gary, IN, is a renter-heavy area with a population of 15,428, where 43.6% of residents are renters. This indicates a strong demand for rental properties and likely a robust market for Section 8 tenants. The median household income in this ZIP is $42,256, which provides a baseline for understanding the financial capacity of potential tenants.
The typical market rent in ZIP 46404 is $1,378, representing approximately 33% of the median household income. This suggests that rent consumes a significant portion of the average resident's earnings, highlighting the importance of rental assistance programs like Section 8. The Fair Market Rent (FMR) for the area, set at $1,170 for FY 2024, is slightly below the current market rent, indicating that landlords may need to adjust their expectations if they wish to participate in the Section 8 program.
Landlords in ZIP 46404 can expect a tenant profile that includes individuals and families who rely on rental assistance. These tenants will likely have a combined income that does not exceed 50% of the area median income, which for FY 2024 is around $21,128 for a single person and scales up for larger households. Tenants will be vetted through the Section 8 process, ensuring they meet eligibility criteria based on income and family size.
To summarize, ZIP 46404 is well-suited for landlords looking to attract Section 8 tenants due to its high percentage of renters and the financial strain many face in covering housing costs without assistance. Landlords should prepare for a tenant pool that relies heavily on rental subsidies to afford living in the area.
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.