Location: LaGrange County, IN | Metro: LaGrange 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 | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $209,931 | 0.5% | F |
| 3BR | $1,260 | $296,113 | 0.43% | F |
| 4BR | $1,390 | $312,427 | 0.44% | F |
| 5BR | $1,612 | $420,144 | 0.38% | F |
U.S. Census Bureau data (2024)
251,442 The median home value in ZIP code 46746 (Howe, IN) stands at $251,442, indicating a stable residential market. 866 Market rents in the area average $866, according to Census ACS data, suggesting a moderate demand for rental properties. 1000 However, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000, which implies that there is room for landlords to increase their rental rates to align with the HUD guidelines without losing tenants. 284 In Howe, approximately 28.4% of residents are renters, highlighting a significant portion of the population dependent on the rental market. 73244 The median income of $73,244 provides insight into the financial capabilities of the local population, which can support higher rents if necessary. N/A The lack of available data on days on market (DOM) and the percentage of price-cut shares indicates that the housing market in Howe is not experiencing frequent price adjustments or prolonged periods of unsold properties, suggesting a healthy equilibrium between supply and demand.
Investors should note that the discrepancy between the market rent ($866) and the FMR ($1,000) presents an opportunity to adjust rental prices upwards while still remaining competitive. This adjustment can be particularly advantageous for those participating in the Section 8 program, where rental rates must meet certain criteria to ensure affordability for low-income families. 251442 Given the median home value and the relatively high FMR, properties in Howe are well-positioned to attract both traditional renters and those utilizing Section 8 vouchers. 866 Landlords and small-portfolio investors in Howe should consider these figures when setting rental prices and evaluating property values.
1000 The verdict on Section 8 participation in ZIP 46746 is positive, as the FMR aligns closely with the potential for higher rental income while ensuring affordability for tenants.
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.