Section 8 Fair Market Rent (FMR) for ZIP 46567 - 2027
Location: Kosciusko County, IN | Metro: Elkhart-Goshen, IN MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$77,103
Housing Authorities Serving ZIP 46567
To determine if you should buy in ZIP 46567 (Syracuse, IN) for Section 8 investments, follow these steps:
- Does FMR $1090 (zip FY 2024) clear debt service on a $360,271 property?
- Yes: The Fair Market Rent (FMR) of $1090 is sufficient to cover the debt service on a property valued at $360,271. Assuming an average mortgage rate and terms, this FMR can support the monthly payments required.
- No: If the FMR of $1090 does not clear the debt service on a $360,271 property, then it is not financially viable to invest in this area under Section 8 guidelines.
- Is market rent $1,027 (Census ACS) above, at, or below FMR?
- Above: With market rent at $1,027, which is higher than the FMR of $1090, you can expect to generate additional income beyond what is covered by Section 8 subsidies. This provides a buffer against potential fluctuations in subsidy amounts.
- At: Market rent aligns exactly with the FMR, meaning that you will rely solely on the Section 8 subsidy to meet your rental income needs. There is no room for error in managing expenses.
- Below: If the market rent is below the FMR, you would still receive the higher FMR amount as a subsidy. However, this situation could indicate a broader trend of lower rental values, which might affect long-term profitability.
- Are 17.1% renters + N/A-day days on market (DOM) enough demand?
- It Depends: The percentage of renters at 17.1% suggests there is some demand for rental properties in the area. However, the lack of data on days on market (DOM) makes it difficult to assess how quickly properties are being rented out. A low DOM indicates high demand, while a high DOM signals low demand. Without this information, you must consider other factors such as vacancy rates and economic indicators to make a final decision.
Based on the provided data, if the FMR of $1090 covers the debt service and market rent is above or equal to this figure, the investment in ZIP 46567 is financially sound. The presence of 17.1% renters indicates a base level of demand, but the absence of DOM data requires further investigation into local market conditions before making a definitive decision.
Data Sources: FMR data from HUD (2027). 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.