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 | $990 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,160 | $127,323 | 0.91% | C |
| 2BR | $1,350 | $170,264 | 0.79% | D |
| 3BR | $1,630 | $229,993 | 0.71% | D |
| 4BR | $1,770 | $320,969 | 0.55% | F |
| 5BR | $2,053 | $388,139 | 0.53% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 46545, Mishawaka, IN, is set at $1,030 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the benchmark used by the government to determine the subsidy amount.
In comparison, the local market rent for ZIP 46545 is approximately $1,580, according to the Zillow Rent Index (ZORI). This suggests that the FMR is significantly lower than the average market rent, meaning that landlords participating in the Section 8 program will receive less income per unit compared to renting outside the program.
The 47.3% renter share indicates that nearly half of the households in Mishawaka are renters. This high percentage signals strong demand for rental properties, which could be beneficial if you're considering entering the rental market, but it also means that competition for tenants might be fierce.
If you're looking to acquire a property in this area, the median home value is around $210,314. This figure gives you an idea of the typical price point for homes in ZIP 46545. When evaluating a potential Section 8 investment, ensure that the property meets the Housing Quality Standards (HQS), as failing to do so can result in disqualification from the program.
Before proceeding with a Section 8 rental in Mishawaka, verify that the property's rent is within the FMR limit of $1,030. This will ensure that your rental is eligible for the program and that you can receive the full subsidy amount.
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.