Location: Noble 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 | $1,200 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $262,955 | 0.57% | F |
| 3BR | $1,870 | $303,279 | 0.62% | D |
| 4BR | $2,050 | $411,956 | 0.5% | F |
| 5BR | $2,378 | $758,070 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 46748, located in Huntertown, IN within the Noble County, IN metro area, can be effectively utilized as a cash-flow anchor within a Section 8 portfolio strategy. This classification is based on the significant spread between the Fair Market Rent (FMR) for FY 2024 and the actual market rents. The FMR for a one-bedroom unit in ZIP 46748 is set at $1,630, while the current market rent stands at $1,079. This $551 difference per month represents a substantial cushion that landlords can rely on to ensure steady cash flow even if there are fluctuations in tenant payments or maintenance costs.
Furthermore, the median home value in ZIP 46748 is $344,997, which is relatively high compared to the national average. This suggests that property values in the area are stable, providing landlords with peace of mind regarding their investment's worth. However, the primary focus for a cash-flow anchor is the guaranteed rental income, and the FMR provides just that—assurance that the landlord will receive a set amount of rent through the Section 8 program.
ZIP 46748 also has a low 0.1% price-cut share, indicating that homes in this area rarely go on sale at a discount. Additionally, the day DOM (Days on Market) is not applicable, suggesting that properties sell quickly once listed, which is another positive indicator for maintaining strong cash flows. Despite these factors, the key driver for categorizing this ZIP as a cash-flow anchor is the FMR versus market rent spread.
While the 9.9% renter share and median income of $109,375 might suggest potential for appreciation plays or diversification, the most compelling argument for ZIP 46748 is its role as a cash-flow anchor due to the favorable FMR conditions. Landlords and small-portfolio investors should prioritize this aspect when considering ZIP 46748 as part of their Section 8 portfolio strategy.
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.