Location: Noble County, IN | Metro: Noble County, IN
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 | $800 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $820 | $161,220 | 0.51% | F |
| 2BR | $1,070 | $207,470 | 0.52% | F |
| 3BR | $1,270 | $293,000 | 0.43% | F |
| 4BR | $1,790 | $389,138 | 0.46% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 46701 (Albion, IN, Noble County, IN metro) does not work favorably for landlords. The Fair Market Rent (FMR) for the fiscal year 2026 is set at $1,020, which is significantly higher than the current market rent of $850 based on Census ACS data. This discrepancy suggests that landlords may face challenges in setting rents that meet the FMR without deterring potential tenants.
Acquisition in this area is relatively affordable, with a median home value of $262,480. However, the lack of data on days on market (DOM) and the percentage of homes requiring price cuts indicates a need for caution. While the median home value might be appealing, these missing metrics could signal underlying issues with property liquidity or pricing competitiveness that landlords should investigate further.
Tenant demand is modest. Albion's population stands at 7,944, with 16.4% of residents being renters. This percentage translates to approximately 1,304 individuals who are actively seeking rental housing. Given the size of the population, the number of potential renters is limited, which could affect the ability to quickly fill vacancies or command higher rents.
Verdict: ZIP 46701 presents a mixed picture for landlords and small-portfolio investors. While the median home value is affordable, the mismatch between the FMR and market rent, combined with limited tenant demand, suggests that returns may be lower than expected. Landlords should carefully consider these factors before investing in this area.
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.