Location: Wabash County, IN | Metro: Huntington 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 | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $115,123 | 0.88% | C |
| 3BR | $1,310 | $214,699 | 0.61% | D |
| 4BR | $1,610 | $301,865 | 0.53% | F |
U.S. Census Bureau data (2024)
Andrews, IN, located in ZIP code 46702, is a small community with a total population of 1,983 residents. Only 12.6% of these residents are renters, indicating a predominantly owner-occupied neighborhood. The median household income here stands at $77,727, which suggests a relatively affluent area. Additionally, the median home value in Andrews is $191,180, reflecting a stable housing market where property values are neither excessively high nor low.
When it comes to rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960. However, the actual market rent, according to the Census ACS, is significantly lower at $692 per month. This discrepancy between the FMR and the market rent presents an opportunity for landlords and small-portfolio investors interested in Section 8 properties.
The place is well-suited for a hands-off voucher operator due to the low percentage of renters and the higher FMR compared to the market rent. Landlords can expect steady demand from tenants who qualify for the Section 8 program, given the gap between the two rent figures. For those looking to actively manage their investments and potentially increase property values, Andrews offers a stable foundation with room for improvement, especially in areas with lower-than-average market rents.
In summary, Andrews, IN, in ZIP 46702, provides a balanced environment for both passive and active real estate investors. With a median income of $77,727 and a median home value of $191,180, the area is financially sound. The FMR of $960 is notably higher than the market rent of $692, making it attractive for hands-off voucher operators. Meanwhile, the potential for increasing rents above the current market level makes it a viable option for hands-on value-add buyers as well.
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.