Location: South Bend-Mishawaka, IN | Metro: Michigan City-La Porte, 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 | $940 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $195,790 | 0.64% | D |
| 3BR | $1,530 | $296,008 | 0.52% | F |
| 4BR | $1,700 | $389,855 | 0.44% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 46552, New Carlisle, IN, is poised to offer strong pricing power to landlords and small-portfolio investors over the next 12-24 months. The median home value stands at $273,021, indicating a stable residential market. With only 0.1% of listings reducing their prices, it's clear that sellers maintain confidence in their asking prices, suggesting limited downward pressure on property values.
The median days on market (DOM) being listed as N/A can be interpreted as a reflection of a robust sales environment where homes sell quickly, often before a typical DOM metric can be meaningfully calculated. This quick turnover supports the notion of a seller's market, further reinforcing the potential for maintaining or even increasing rental rates.
On the rental side, the Fair Market Rent (FMR) for ZIP 46552 is set at $990 for fiscal year 2024, while the current market rate, according to Census ACS data, is $1,043. This discrepancy indicates that landlords can command rents above the subsidized rates, which is beneficial for those who do not rely solely on Section 8 tenants. However, it also suggests a potential challenge in attracting tenants who qualify for Section 8 vouchers, given the higher market rates.
For long-term investors, the appreciation thesis is grounded in the stability of the local housing market and the current pricing dynamics. The limited price reductions and quick sales imply that there is a solid demand base for both rentals and purchases. This demand can support steady growth in property values, especially if broader economic conditions remain favorable. However, it's important to note that rapid appreciation is unlikely given the modest percentage of price reductions and the relatively balanced rental market. Instead, investors should anticipate moderate appreciation, aligning with general economic trends and the local demand for housing.
In summary, the combination of a stable median home value, minimal price reductions, and a competitive rental market signals a resilient real estate environment in ZIP 46552. Landlords and investors can leverage this setup to maintain strong pricing power and expect moderate appreciation over the coming years.
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.