Location: Noble County, IN | Metro: Kosciusko 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 | $830 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $169,730 | 0.65% | D |
| 3BR | $1,330 | $253,977 | 0.52% | F |
| 4BR | $1,700 | $291,603 | 0.58% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 46732 (Cromwell, IN, Noble County, IN metro) does not align favorably with the Federal Market Rent (FMR) benchmark. The FMR for the area stands at $1,120 for fiscal year 2026, while the actual market rent, as per Census ACS data, is significantly lower at $896. This discrepancy suggests that landlords might struggle to find tenants willing to pay the higher FMR rate, which could lead to reduced occupancy rates and lower overall profitability.
Regarding property acquisition, the median home value in ZIP 46732 is $231,785. However, the lack of data on days on market (DOM) and the percentage of homes requiring price cuts indicates that it's difficult to assess how quickly properties sell and at what prices. Without these metrics, landlords and investors must rely on other factors such as local real estate trends and personal experience to gauge the affordability and speed of acquiring properties.
Tenant demand in ZIP 46732 appears modest but present. With a total population of 2,231, approximately 29.3% are renters. This translates to around 654 individuals who might be looking for rental housing. While this number is relatively low, it does suggest that there is a base level of tenant demand that could support a limited number of rental properties.
In summary, ZIP 46732 presents a scenario where the expected rent does not match the actual market conditions, potentially leading to financial challenges for landlords. Property acquisition costs are moderate, but the absence of key real estate performance indicators makes it hard to predict the ease and speed of selling. Tenant demand exists but is limited by the small population size. Investors should proceed with caution and consider diversifying their portfolios beyond this ZIP code to mitigate risks associated with both rent pricing and tenant availability.
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.