Location: South Bend-Mishawaka, IN | Metro: South Bend-Mishawaka, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 46624 in fiscal year 2024 is set at $1020. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive, but rather the payment standard used by the housing authority.
When comparing the FMR to the local median rent, which is currently not available, it becomes crucial to understand the demand for rental properties in this area. Assuming a 100.0% renter share, the demand for affordable housing in ZIP 46624 is likely high, given the economic conditions and the availability of housing options. However, without specific data on local rents, we cannot definitively state whether $1020 is above or below the market rate.
The acquisition cost for properties in this ZIP code is also not specified, making it challenging to provide an exact comparison. Nevertheless, if you're considering your first Section 8 rental property in ZIP 46624, the key point to verify before proceeding is the condition of the property. The housing authority will inspect the property to ensure it meets certain standards, and you must be prepared to make any necessary repairs or upgrades to pass inspection.
To summarize, the FMR of $1020 means that you can charge up to this amount for rent. While the exact comparison to local rents and acquisition costs is unclear, the high renter share suggests strong demand for affordable housing. Your next step should be to confirm the property's condition and readiness for inspection.
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.