Location: Adams County, IN | Metro: Fort Wayne, 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 | $760 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $940 | $148,410 | 0.63% | D |
| 2BR | $1,020 | $167,849 | 0.61% | D |
| 3BR | $1,290 | $241,957 | 0.53% | F |
| 4BR | $1,420 | $305,693 | 0.46% | F |
| 5BR | $1,647 | $365,227 | 0.45% | F |
U.S. Census Bureau data (2024)
The dynamics of the real estate market in ZIP code 46733, located in Decatur, Indiana, reveal a scenario where demand closely follows supply. With a Fair Market Rent (FMR) set at $930 for the fiscal year 2024, the rental market reflects a slightly higher threshold compared to the actual market rent reported by the Census ACS at $842. This suggests that while there's a gap between what is considered fair rent and the actual rents being charged, it is not substantial enough to indicate significant distress or imbalance.
A price-cut share of just 0.2% indicates that very few properties are being discounted, implying that the market is stable and sellers are generally achieving their asking prices without the need to lower them. The median home value of $230,483 provides a benchmark for property values in the area, which can be useful for assessing investment potential relative to other markets.
The fact that the days on market (DOM) data is listed as N/A suggests either limited data availability or a highly efficient market where homes sell quickly. In either case, this implies strong demand, as buyers are likely moving swiftly to secure properties before they become too competitive.
With a 15.9% renter share, the long-term housing pressure in Decatur appears relatively low. A smaller proportion of renters typically means that homeownership is more prevalent, which could signal a preference for owning property over renting. However, this also indicates that a significant portion of the population remains in the rental market, suggesting ongoing housing pressure but at a manageable level for now.
In summary, the market in ZIP 46733 shows signs of balance, with demand matching supply closely. The slight disparity between FMR and market rent, combined with the minimal price-cut share and quick sales, paints a picture of a stable yet active market. The modest renter share points towards a predominantly owner-occupied environment, though the presence of renters still contributes to housing dynamics.
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.