Section 8 Fair Market Rent (FMR) for ZIP 46740 - 2027

Location: Jay County, IN | Metro: Wells County, IN HUD Metro FMR Area

Investment Score for ZIP 46740

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$187,492

1% Rule

0.54%

Annual Yield

6.46%

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	$930
2 Bedrooms	$1,010
3 Bedrooms	$1,290
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

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	$187,492	0.54%	F
3BR	$1,290	$235,211	0.55%	F
4BR	$1,420	$347,490	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,486

Median Household Income

$58,484

Housing Units

1,341

Renter Percentage

14.1%

Occupancy Rate

87.0%

Renter Occupied

164

Geneva, IN, located in the heart of Lake County, offers a stable environment for real estate investments, particularly for those interested in Section 8 housing opportunities. The area is characterized by a mix of suburban charm and access to urban amenities, making it attractive to both families and individuals seeking affordable living solutions.

The Fair Market Rent (FMR) for ZIP 46740 is set at $960 for the fiscal year 2026, indicating the maximum amount that can be charged for a Section 8 voucher in the Geneva metro area.
The average market rent for properties in Geneva is currently $676, according to the latest Census American Community Survey (ACS) data, which is below the FMR, suggesting a potential for higher occupancy rates among Section 8 tenants.
The median home value in Geneva stands at $262,913, providing a baseline for property values in the area and indicating a relatively affordable market for investment.
Renters make up 14.1% of the population in Geneva, a figure that reflects a modest but steady demand for rental properties.
The median household income in the area is $58,484, which supports the presence of a diverse range of renters who may qualify for Section 8 assistance.
Note that the Days on Market (DOM) for properties is not available, which could indicate either a robust sales pace or a lack of recent transactions in the area.

For landlords and small-portfolio investors, Geneva presents a balanced opportunity. With the FMR exceeding the current market rent, there is potential to attract Section 8 tenants without pricing out other renters. The median home value suggests that properties remain accessible for investment, while the median income indicates a viable pool of potential tenants. The low DOM, if indicative of quick sales, could also mean that properties move quickly once listed, reducing holding costs and vacancy periods. Overall, Geneva offers a promising landscape for those looking to enter the Section 8 rental market with solid returns and manageable risks.

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.