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 | $1,120 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,690 | $324,112 | 0.52% | F |
| 4BR | $1,920 | $373,846 | 0.51% | F |
U.S. Census Bureau data (2024)
4.8% of the population in ZIP code 46764 are renters, indicating a relatively small but stable rental market. The $1140 Fair Market Rent (FMR) for the area, as determined by the zip FY 2024 data, suggests that landlords can expect to receive this amount for a standard unit. However, the Census ACS reports a market rent of $1,300, which is higher than the FMR, showing that landlords could potentially charge above the FMR if they offer competitive amenities or are in high-demand locations. The median home value stands at $319,319, reflecting a moderate property investment environment where homes are neither excessively overpriced nor undervalued.
The median income in ZIP 46764 is $62,939, which is a critical figure for landlords to consider when setting rents, as it influences the affordability for potential tenants. While the data does not provide specifics on the average days on market (DOM) or the percentage of homes that have had their prices cut, these metrics would be valuable for understanding the dynamics of the local real estate market and making informed decisions about property management and investment.
In terms of Section 8 participation, the $1140 FMR is the benchmark for rent subsidies, but given the actual market rent of $1,300, landlords might find it challenging to participate without compromising their income expectations. Nonetheless, the relatively low percentage of renters (4.8%) implies that there is a limited pool of potential Section 8 tenants, which could make the program less attractive for landlords in this area. The median income also plays a role, as it indicates that the majority of residents might be able to afford higher rents without assistance.
Based on the provided figures, the verdict for Section 8 in ZIP 46764 is that it is marginally viable due to the discrepancy between FMR and market rent, along with the limited share of renters in the community.
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.