Location: South Bend-Mishawaka, IN | Metro: South Bend-Mishawaka, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
The market in ZIP code 46546, located in Indiana, presents a dynamic scenario that can be inferred from the available snapshot data. The Fair Market Rent (FMR) for the area stands at $1020 for the fiscal year 2024, indicating a stable baseline for rental prices. However, the lack of data on market rent suggests a possible scarcity of recent transactions or listings, which could imply either a nascent market or one that's not well-documented.
The absence of figures for price-cut share, days on market (DOM), and median home value provides limited insight into the supply-demand balance but hints at an emerging or underreported real estate sector. This absence of historical trends makes it challenging to definitively state whether supply outpaces demand or vice versa. However, the known FMR can be used to gauge the potential attractiveness of the area for renters and investors alike.
The unspecified percentage of the renter share in ZIP 46546 also leaves room for interpretation. Typically, a higher renter share indicates long-term housing pressure, suggesting a need for more affordable housing options. Conversely, a lower renter share might point towards homeownership being the preferred option, potentially reducing long-term rental pressures. In ZIP 46546, the undefined renter share leaves this aspect open to further investigation, though it is crucial for understanding the local housing dynamics and the potential for sustained rental demand.
In conclusion, while ZIP 46546 offers a stable FMR, the lack of other key metrics such as market rent, price-cut share, DOM, and median home value points to a market that is either evolving rapidly or has yet to be fully captured in comprehensive datasets. The unknowns surrounding the renter share suggest a complex interplay between renting and owning that will continue to shape the housing landscape in the area.
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.