Section 8 Fair Market Rent (FMR) for ZIP 46590 - 2027

Location: Kosciusko County, IN | Metro: Kosciusko County, IN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$930
1 Bedroom	$940
2 Bedrooms	$1,230
3 Bedrooms	$1,490
4 Bedrooms	$1,620
5 Bedrooms	$1,879
6 Bedrooms	$2,104
7 Bedrooms	$2,272
8 Bedrooms	$2,386

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,080

Median Household Income

$82,188

Housing Units

2,039

Renter Percentage

38.4%

Occupancy Rate

89.3%

Renter Occupied

698

Housing Authorities Serving ZIP 46590

Housing Authority of the City of Warsaw (Milford, IN) - 517 Section 8 vouchers

To decide whether you should invest in ZIP 46590 (Winona Lake, IN) for Section 8 properties, follow this decision tree:

If your answer to the first question is yes:
The Fair Market Rent (FMR) of $1,210 for the metro area in fiscal year 2026 does not clear the debt service on a $299,126 property. This suggests that relying solely on Section 8 to cover costs would be insufficient. The typical monthly mortgage payment for a $299,126 property, assuming a 30-year fixed-rate mortgage at an average interest rate, would exceed the FMR amount.
If your answer to the second question is yes:
The market rent of $1,132, based on Census ACS data, is below the FMR of $1,210. This indicates that while there might be some margin for landlords who can secure tenants paying the FMR, the majority of the rental market operates below this threshold, suggesting limited upside potential for non-Section 8 rents.
If your answer to the third question is yes:
The percentage of renters in ZIP 46590 is 38.4%, but the days on the market (DOM) data is not available. This makes it difficult to assess the velocity of the rental market. However, given the renter population, there is a moderate level of demand. The lack of DOM data introduces uncertainty about how quickly units might be leased.

Decision branches:

No: Do not buy here for Section 8 if you cannot cover debt service with FMR alone and the market rent is below FMR. This scenario indicates a high risk of financial loss.
It depends: Consider buying here if the renter population is sufficient and market rent is close to or slightly below FMR. You will need to rely on a mix of Section 8 and market-rate tenants to ensure profitability. The absence of DOM data means you must conduct additional research to understand leasing dynamics.
Yes: Buy here if you can supplement Section 8 rents with market-rate tenants where applicable and the local demand for rentals is strong. However, the current data suggests this is unlikely without further investigation into the specifics of the housing market and the availability of non-Section 8 tenants willing to pay closer to the FMR.

Note: The analysis is based on the provided data points. Additional local market knowledge and specific property details would refine these conclusions.

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.