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 |
Merrillville, IN (ZIP 46411) is a large-sized community with diverse demographics. It has a total population of 46,411 residents. The median household income in Merrillville is $51,411, which is 100.1% higher than the state average. This indicates an affluent area relative to the state.
The median home value in Merrillville is $222,198, reflecting a moderate housing market. This is also 100.5% higher than the state average, suggesting a competitive real estate market. The median rent in Merrillville is $1,428, significantly above the state average, with a 5-year trend showing a +47.8% increase.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 46411 in fiscal year 2024 is set at $1,250. This is notably lower than the actual median rent of $1,428, indicating that there is potential for higher rental yields beyond the FMR subsidy.
Given these figures, Merrillville fits well for both hands-off voucher operators and hands-on value-add buyers. The higher-than-average rent suggests strong demand, while the FMR provides a solid baseline for rental pricing. Investors looking for stable returns should find the area attractive due to its relatively high median income and competitive home values. Those interested in value-add strategies can capitalize on the robust rental market and potential for increasing property values.
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.