Section 8 Fair Market Rent (FMR) for ZIP 46515 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 46515 in Elkhart, IN, represents an established neighborhood with a total population of 11,515 residents. The median household income is $41,515, reflecting a working-class earning profile. Median home values stand at $188,062, indicating an affordable housing market.

In terms of rent economics, the Fair Market Rent (FMR) for ZIP 46515 in fiscal year 2024 is set at $1100. In comparison, the current median rent is $1,153, showing a slight premium over the FMR. This suggests that the rental market is slightly above the federally determined fair market level, which could be an important consideration for Section 8 landlords.

The place fits well for both hands-off voucher operators and hands-on value-add buyers. With a below-average cost of living index of 59 compared to the national average of 100, landlords can expect lower operational costs. Additionally, the strong employment rate of 95.1% and the presence of several key industries such as healthcare, retail trade, professional services, and manufacturing provide a stable economic foundation.

However, the moderate safety score of 69/100 indicates that there may be some risks associated with the area, which could impact the type of tenants attracted and the overall management approach required. Therefore, while the area offers opportunities for both types of investors, hands-on value-add buyers might find more potential for improvement and added value in their properties.

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.