Location: Noble County, IN | Metro: Fort Wayne, 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 | $780 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $192,325 | 0.53% | F |
| 3BR | $1,230 | $292,262 | 0.42% | F |
| 4BR | $1,350 | $327,753 | 0.41% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 46562 in Indiana reveals a unique balance between yield and stability that does not clearly fit into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it occupies a middle ground with specific characteristics.
On the yield axis, the Federal Market Rent (FMR) for ZIP 46562 in fiscal year 2024 is set at $1070. This figure exceeds the market rent of $813, indicating a potential for higher rental income when properties qualify for Section 8 subsidies. However, the median home value of $243,744 suggests a moderate investment cost, which impacts the overall yield. Landlords can expect a premium on rental income, but it must be weighed against the initial investment and maintenance costs typical for this price range.
Regarding stability, the data paints a mixed picture. With only 16.5% of residents being renters, the market is relatively stable in terms of tenant turnover. This low percentage of renters implies a lower risk of vacancy compared to areas with a higher proportion of renters. However, the lack of data on days on market (DOM) makes it challenging to assess how quickly properties might be rented out after becoming vacant. The median household income of $68,902 provides some assurance of financial stability among tenants, although it is below the national average, which could affect long-term occupancy rates and rental income consistency.
To summarize, ZIP 46562 offers a moderate yield opportunity with the potential for higher rental income through Section 8 subsidies. Stability is somewhat assured by the low percentage of renters and decent median income, but the limited data on DOM introduces an element of uncertainty. For landlords and small-portfolio investors, this area represents a balanced choice where the benefits of increased rental income must be considered alongside the risks of slower market absorption and potentially lower tenant financial stability.
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.