Location: South Bend-Mishawaka, IN | Metro: South Bend-Mishawaka, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
The Fair Market Rent (FMR) for ZIP code 46595 in fiscal year 2024 is set at $990. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if you decide to participate, the maximum amount you can charge for rent is $990. It's important to note that this is not the amount tenants will pay directly; rather, it is the limit on the subsidy provided by the government.
While specific local rent data for ZIP 46595 is currently unavailable, the FMR of $990 gives a benchmark for rental pricing in the area. The percentage of renters in the area who might qualify for the Section 8 program is also marked as N/A, but typically, areas with higher percentages of renters have greater demand for subsidized housing.
To acquire a property in ZIP 46595, the median home value is listed as N/A. This indicates the typical price range you would expect to pay for a property. However, for rentals specifically, you should consider the FMR when setting your rent to ensure it remains competitive and attractive to potential tenants using vouchers.
Before committing to a Section 8 rental, there is one crucial step you must take. You need to verify that the property meets all the necessary inspection criteria. This includes passing a Housing Quality Standards (HQS) inspection which checks for safety, habitability, and overall condition. Failure to meet these standards can result in disqualification from the program, so ensuring compliance is key to participating successfully.
In summary, the FMR of $990 provides a clear guideline for the maximum rent subsidy you can receive under the Section 8 program. With limited local data, this figure serves as an essential reference point for setting your rent. Ensure your property meets HQS requirements to avoid any issues that could prevent you from joining the program. This approach will help you make a well-informed decision about your first Section 8 rental in ZIP 46595.
Data Sources: FMR data from HUD (2027).
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.