Location: LaGrange County, IN | Metro: Elkhart-Goshen, 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 | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $900 | $309,492 | 0.29% | F |
| 2BR | $1,070 | $310,319 | 0.34% | F |
| 3BR | $1,400 | $368,588 | 0.38% | F |
| 4BR | $1,430 | $503,463 | 0.28% | F |
| 5BR | $1,659 | $612,611 | 0.27% | F |
U.S. Census Bureau data (2024)
The median home value in Shipshewana, IN (ZIP 46565) is $395,828. With the HUD Fair Market Rent (FMR) set at $900 for the fiscal year 2024, and the market rent reported at $836 based on Census ACS data, voucher tenants will generally cashflow at FMR levels. This indicates that landlords accepting Section 8 vouchers can expect to cover their expenses and make a profit without needing to rely on premium units.
To understand the rent-to-price ratio, we divide the market rent by the median home value. For Shipshewana, this calculation yields approximately 0.21%, which is relatively low. However, it's important to note that this figure does not directly impact the decision-making process for landlords since the FMR is higher than the market rent, providing a buffer for operating costs.
Regarding the median days on market (DOM) and the percentage of homes that had a price reduction, there is currently no available data for Shipshewana, IN. This absence suggests that the market is stable, with neither a significant number of listings lingering nor a high rate of price reductions, which is favorable for both buyers and sellers.
The strongest investor angle in this market is cashflow, given that the HUD FMR exceeds the average market rent, ensuring that landlords can maintain profitability while supporting tenants with subsidized housing assistance.
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.