Location: Wells County, IN | Metro: Wells County, 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 | $770 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $265,771 | 0.49% | F |
U.S. Census Bureau data (2024)
ZIP code 46759 has a population of 271 individuals, with 32.6% being renters. The median household income stands at $56,354. This indicates that while there is a significant portion of renters, it is not a predominantly renter-heavy area. However, the presence of renters suggests some demand for rental properties, including those that accept Section 8 vouchers.
To determine the depth of voucher demand, we must consider the relationship between median income and market rents. Unfortunately, specific market rent figures are not available for this ZIP code. However, we can infer that if typical rents are lower than the Fair Market Rent (FMR) of $970, which is set for the fiscal year 2026 in the metro area, then Section 8 vouchers could be a viable option for many tenants. If the actual market rents exceed $970, the utility of Section 8 vouchers diminishes as they may not cover the full cost of renting.
The FMR of $970 represents a benchmark for affordable housing. Assuming market rents align closely with this figure, we can calculate the percentage of local income that would go towards rent. At $970 per month, the annual rent would be $11,640. This equates to approximately 20.6% of the median household income in ZIP 46759. This is a manageable rent burden for most households, making it feasible for landlords to attract tenants using Section 8 vouchers.
A landlord in ZIP 46759 should expect a tenant profile that includes a mix of individuals and families who rely on Section 8 vouchers due to limited financial resources. These tenants will likely have an income below the median, requiring assistance to afford housing. Given the relatively low median income and the presence of a notable renter population, landlords can anticipate a steady demand for subsidized rentals. However, the competition for these vouchers may exist among other landlords in the area, especially if the number of rental units is high relative to the population size.
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.