Location: South Bend-Mishawaka, 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 | $910 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,060 | $117,985 | 0.9% | C |
| 2BR | $1,240 | $159,691 | 0.78% | D |
| 3BR | $1,500 | $226,963 | 0.66% | D |
| 4BR | $1,630 | $286,649 | 0.57% | F |
| 5BR | $1,891 | $364,502 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 46544, located in Mishawaka, IN, presents a dynamic rental market with distinct characteristics that signal a balance between supply and demand. The Fair Market Rent (FMR) stands at $990 for the fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a market rent of $1,272. This suggests that the actual rents in the area are higher than what is considered fair by HUD standards, pointing towards a market where demand slightly outpaces supply.
A key indicator of this market's health is the low price-cut share of 0.2%, which means that very few properties are being discounted to attract tenants. Additionally, the days on market (DOM) for rental listings is only 15 days, reflecting a swift absorption rate and underscoring the eagerness of potential renters to secure housing. These factors collectively suggest that landlords can maintain competitive rents without resorting to significant discounts.
The median home value in ZIP 46544 is $202,817, which is relatively affordable compared to many other regions in the United States. However, the high renter share of 36.3% indicates that a substantial portion of the population prefers or is compelled to rent rather than buy. This long-term trend suggests ongoing pressure on the rental market, as a large segment of the population will continue to seek rental properties over purchasing homes.
In summary, ZIP 46544 exhibits a rental market that is currently robust and likely to sustain its strength due to the high renter share and the favorable conditions for landlords to maintain or even increase rents. The market dynamics point to a scenario where demand is strong enough to support current rental levels and days on market, but not so overwhelming as to drive up prices significantly beyond the current ZORI figure.
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.