Location: Marshall County, IN | Metro: South Bend-Mishawaka, IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $189,932 | 0.62% | D |
| 3BR | $1,420 | $304,157 | 0.47% | F |
| 4BR | $1,540 | $367,558 | 0.42% | F |
U.S. Census Bureau data (2024)
The market in ZIP 46536, Lakeville, Indiana, is characterized by a significant gap between the Fair Market Rent (FMR) and the actual market rent, indicating a dynamic environment where rental prices may be influenced by various factors. The FMR set at $1010 for fiscal year 2024 contrasts with the Census ACS reported market rent of $877, suggesting that there might be a slight downward pressure on rents, possibly due to competition among landlords or an abundance of rental units. However, the lack of data on price-cut share and days on market (DOM) makes it difficult to conclusively state whether supply outpaces demand or vice versa.
The median home value of $281,688 provides insight into the overall economic status of homeowners in the area. This figure can be indicative of the general wealth level of the residents and the potential stability of the housing market. A higher median home value might attract a certain demographic that prefers homeownership over renting, but this must be balanced against the local rental dynamics.
The 17.7% renter share is noteworthy. In a broader context, this percentage suggests a relatively low proportion of renters compared to owners. However, this also implies a potential long-term housing pressure if the trend towards renting increases. As more individuals seek rental properties due to economic reasons or lifestyle choices, the demand for rentals could rise, putting upward pressure on rents unless the supply of rental units grows correspondingly.
Landlords and small-portfolio investors should pay close attention to the evolving dynamics of this market. The current snapshot reveals a mix of economic indicators that suggest both stability and potential for change. Investors should consider the implications of these figures on their investment strategies, particularly how they might adjust to shifts in demand or supply.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.