Location: Noble County, IN | Metro: Elkhart-Goshen, IN MSA
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 | $1,000 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $319,031 | 0.4% | F |
| 3BR | $1,620 | $348,500 | 0.46% | F |
| 4BR | $1,740 | $522,404 | 0.33% | F |
| 5BR | $2,018 | $662,795 | 0.3% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 46543, located in Millersburg, IN, within the Noble County, IN metro area, does not align perfectly but offers potential. The Fair Market Rent (FMR) set at $1150 for fiscal year 2024 contrasts with the Census ACS reported market rent of $1090. This indicates that while landlords can aim for slightly higher rents, they must be prepared to compete with the actual market conditions.
Acquisition in this ZIP code is relatively affordable. With a median home value of $412,075, potential landlords have a clear benchmark for property costs. However, the lack of data on days on market (DOM) and the percentage of homes needing price cuts suggests a stable market without significant fluctuations, making it easier to predict and manage acquisition costs.
Tenant demand in ZIP 46543 is moderate given the population size of 4,741 and a renter share of 14.0%. This means approximately 664 individuals are likely seeking rental housing, providing a steady but not overwhelming demand for properties. Landlords should focus on maintaining competitive rental rates to attract tenants.
In summary, ZIP 46543 presents a balanced opportunity for landlords and small-portfolio investors. While the FMR slightly exceeds the market rent, the affordability of acquisitions and the moderate tenant demand make it a viable investment. Landlords must remain vigilant in setting competitive rental prices to capitalize on the available market. The stability of the market and reasonable home values suggest a low-risk environment for generating consistent rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.