Location: Adams County, IN | Metro: Wells County, IN HUD Metro FMR Area
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 | $830 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $310,017 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 46731, located within the Adams County, IN metro, presents a unique profile when compared against typical ZIP codes in the same county. With a Fair Market Rent (FMR) set at $1,000 for fiscal year 2026, it aligns closely with the metro's overall rental standards. However, the lack of specific market rent data for 46731 introduces an element of uncertainty regarding its exact positioning relative to other areas in terms of actual rental prices.
The median home value in 46731 stands at $300,222, which is notably higher than the average home values in many ZIP codes across Adams County. This suggests that 46731 leans towards being a premium sub-market within its metro, given the elevated property values.
Despite the high home values, the renter share in 46731 is 6.1%, indicating a relatively low proportion of renters compared to owners. This percentage is lower than what might be expected in a typical Section 8 sweet spot, where high renter shares often coincide with lower home values. Therefore, based on the available data, 46731 does not appear to be a prime value pocket for Section 8 investments.
To further clarify the position of 46731 within the Adams County, IN metro, we must consider the absence of market rent data. This gap makes it challenging to determine if there are discrepancies between the FMR and the actual market rents that could influence investment decisions. However, the existing figures suggest that 46731 is more likely a mid-tier to premium sub-market, characterized by higher home values and a moderate renter share.
Landlords and small-portfolio investors should pay close attention to trends in home values and renter share in 46731, as these factors can impact long-term profitability and investment strategy. The high median home value implies a potentially affluent demographic, which could be advantageous for certain types of rental properties but may also limit the attractiveness of the area for Section 8 tenants.
In summary, while 46731 exhibits characteristics of a premium sub-market due to its elevated home values, the relatively low renter share and the absence of market rent data indicate that it is not a clear-cut value pocket for Section 8 investments. It stands as a mid-tier neighborhood with some premium attributes, requiring careful analysis of local trends before making investment decisions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.