Location: DeKalb 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 | $1,020 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,520 | $274,891 | 0.55% | F |
| 4BR | $1,670 | $349,669 | 0.48% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 46743 stands at $81,406, which provides a solid financial backdrop for evaluating rental affordability. The market rate for rentals, according to Census ACS data, is $1,026 per month. This places a significant burden on households, particularly when considering that the Fair Market Rent (FMR) set by HUD for the area in fiscal year 2024 is $1,160. Landlords should note these figures carefully.
To put this into perspective, a household earning the median income would spend approximately 48.9% of their monthly income on market-rate rent alone. When factoring in utilities and other living expenses, this percentage climbs even higher, indicating a substantial affordability gap for typical renters. In comparison, the FMR is slightly higher at $1,160, which means that a household would spend roughly 54.2% of their income on rent if they were to receive a voucher. This further underscores the challenge faced by renters in the area.
Given that only 16.3% of the 2,347 residents are renters, competition among landlords is likely to be fierce. The limited number of renters means that properties must be priced competitively to attract tenants. Moreover, the high cost of renting relative to income suggests that many potential renters will be looking for assistance through housing vouchers. This creates a scenario where landlords must decide whether to cater to voucher recipients or aim for cash-paying tenants who might have a harder time affording market rates.
The takeaway for landlords is clear: understanding the local affordability landscape is crucial. While accepting housing vouchers can ensure steady rental income and reduce vacancy rates, it also means aligning with government-set payment standards. On the other hand, focusing on cash-paying tenants requires positioning rents below the market rate to remain competitive and attractive to those who can afford to pay without assistance. Both strategies have their merits and drawbacks, and the decision should be based on the landlord's goals and the specific dynamics of the local rental market.
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.