Location: Steuben 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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $780 | $275,826 | 0.28% | F |
| 2BR | $1,010 | $241,599 | 0.42% | F |
| 3BR | $1,210 | $286,502 | 0.42% | F |
| 4BR | $1,340 | $364,301 | 0.37% | F |
| 5BR | $1,554 | $564,930 | 0.28% | F |
U.S. Census Bureau data (2024)
18.8% of Lagrange, IN's residents are renters, indicating a modest demand for rental properties in ZIP 46761. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960, which represents the maximum amount Section 8 vouchers can cover for housing costs. In contrast, the Census ACS reports a market rent of $779, suggesting that there is potential for landlords to slightly increase rents without exceeding the voucher limits. However, the median home value stands at $293,048, which is significantly higher than typical rental values, making it an attractive location for investment in single-family homes or small multi-unit properties. The median income of $71,430 provides insight into the financial capability of local residents, though it should be noted that this figure does not necessarily reflect the income level of all Section 8 participants. Despite the lack of available data on days on market (DOM), the price-cut share is only 0.2%, implying that once listed, properties generally sell at or near their asking price. This low price-cut share suggests a stable real estate market with little need for aggressive pricing strategies. Given these figures, landlords and small-portfolio investors in Lagrange, IN can expect a balanced market where rental income is likely to remain steady and property values are unlikely to fluctuate dramatically.
A final consideration for Section 8 landlords is the alignment between the FMR and the current market rents, which leaves room for profit margins while still being accessible to voucher holders. Therefore, the verdict on Section 8 participation in ZIP 46761 is positive, offering a reliable source of tenants and predictable cash flows.
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.