Section 8 Fair Market Rent (FMR) for ZIP 46705 - 2027

Location: Steuben County, IN | Metro: DeKalb County, IN

Investment Score for ZIP 46705

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$152,610

1% Rule

0.66%

Annual Yield

7.94%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$800
2 Bedrooms	$1,010
3 Bedrooms	$1,290
4 Bedrooms	$1,340
5 Bedrooms	$1,554
6 Bedrooms	$1,740
7 Bedrooms	$1,879
8 Bedrooms	$1,973

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,010	$152,610	0.66%	D
3BR	$1,290	$202,580	0.64%	D
4BR	$1,340	$257,613	0.52%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,972

Median Household Income

$67,266

Housing Units

853

Renter Percentage

26.2%

Occupancy Rate

86.9%

Renter Occupied

194

The ZIP code 46705, located in Ashley, Indiana, is a small community that offers opportunities for real estate investment. This area is characterized by a mix of homeowners and renters, with specific economic conditions influencing the local rental market.

Fair Market Rent (FMR): The FMR for the metro area including ZIP 46705 is set at $960 for fiscal year 2026, indicating the government's benchmark for affordability.
Market Rent: According to Census ACS data, the average market rent in the area is $852, suggesting a slightly lower actual cost compared to the FMR.
Median Home Value: The median home value stands at $194,254, providing insight into the overall property values in Ashley, IN.
Renter Share: 26.2% of residents are renters, highlighting a significant portion of the population that relies on the rental market.
Days on Market (DOM): Data on days on market is currently unavailable, which means there isn't specific information on how long properties typically stay listed before being sold or rented.
Median Income: The median household income in the area is $67,266, reflecting the financial capacity of the residents to pay rent or purchase homes.

The data points indicate that while the Fair Market Rent is higher at $960, the actual market rent is lower at $852, which could suggest potential for rental price increases. With 26.2% of the population renting, there is a steady demand for rental properties. The median income of $67,266 suggests that residents have the financial stability to support modest rent hikes. However, without specific Days on Market data, it's challenging to gauge the speed at which properties are turning over. For investors, this area presents a balanced opportunity where modestly priced properties can be acquired and potentially increased in rental value, aligning with the FMR trend. The relatively low median home value also indicates a market that may be undervalued, offering potential for appreciation in the future.

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.