Section 8 Fair Market Rent (FMR) for ZIP 46770 - 2027

Location: Huntington County, IN | Metro: Wells County, IN HUD Metro FMR Area

Investment Score for ZIP 46770

Monthly Rent (2BR)

$1,030

Median Price (2BR)

$180,673

1% Rule

0.57%

Annual Yield

6.84%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$790
2 Bedrooms	$1,030
3 Bedrooms	$1,270
4 Bedrooms	$1,490
5 Bedrooms	$1,728
6 Bedrooms	$1,935
7 Bedrooms	$2,090
8 Bedrooms	$2,195

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,030	$180,673	0.57%	F
3BR	$1,270	$276,908	0.46%	F
4BR	$1,490	$359,523	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,530

Median Household Income

$66,750

Housing Units

1,077

Renter Percentage

15.9%

Occupancy Rate

97.0%

Renter Occupied

166

To determine if you should buy a property in ZIP code 46770 (Markle, IN) for Section 8 investment, follow this decision tree:

Step 1: Clearing Debt Service

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is $970. This needs to be sufficient to cover the debt service on a property valued at $271,065. For a typical mortgage scenario, assuming a 30-year fixed rate loan at 4.5%, the monthly principal and interest payment would be approximately $1,350. The FMR of $970 does not clear the debt service on this property, leading to a no on purchasing based solely on this metric.

Step 2: Market Rent vs. FMR

If you decide to proceed despite the first step, assess whether the market rent of $777 is above, at, or below the FMR. In this case, the market rent is below the FMR. This indicates that the property would likely be rented out at a price lower than what is considered fair market value, suggesting a no on buying unless there are compensating factors such as low vacancy rates or high demand.

Step 3: Demand Analysis

Next, consider the percentage of renters and the days on market (DOM). With 15.9% of residents being renters and an unspecified DOM, the demand analysis is incomplete. However, a rental rate of 15.9% suggests moderate demand. If the DOM is short (indicating quick rentals), then the answer might shift to it depends. The key here is to balance the lower market rent against the potential for quick occupancy and stable tenancy.

Summary

No: If your primary concern is covering debt service with the FMR alone, avoid purchasing in Markle, IN.
No: If you find the market rent significantly below the FMR and expect challenges in finding tenants willing to pay closer to the FMR, refrain from investing.
It Depends: If you can secure a property at a price where the market rent of $777 covers your debt service, and the DOM is short indicating strong demand, then it could be a viable investment. However, ensure you conduct thorough due diligence on local market conditions and tenant availability.

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.