Location: Adams 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 | $880 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $176,825 | 0.61% | D |
| 3BR | $1,330 | $268,701 | 0.49% | F |
| 4BR | $1,450 | $306,367 | 0.47% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP 46773, located in Monroeville, IN, within the Adams County, IN metro area, reveals several key points regarding its suitability for Section 8 landlords and small-portfolio investors.
The rent math does not favorably align. The Fair Market Rent (FMR) for ZIP 46773 in fiscal year 2024 is set at $950. However, the Census American Community Survey (ACS) indicates that the current market rent is $886. This means that landlords might find themselves under-compensated if they rely solely on Section 8 payments, as the market rate is lower than the FMR.
Acquisition of properties in this ZIP code is moderately affordable. The median home value stands at $256,861. Unfortunately, data on days on market (DOM) and the percentage of homes requiring price cuts are not available, which limits the ability to assess the ease of property acquisition. Despite these missing metrics, the median home value suggests that purchasing a home here would be within reach for many investors.
Tenant demand in ZIP 46773 is relatively low. With a total population of 3,474, only 14.9% are renters. This translates to approximately 517 potential rental tenants, indicating a smaller pool of prospective Section 8 participants compared to areas with higher renter shares.
Verdict: ZIP 46773 presents a mixed picture for Section 8 landlords and small-portfolio investors. While the acquisition cost of properties is reasonable, the mismatch between the FMR and market rent, coupled with limited tenant demand, poses challenges. Investors should consider these factors carefully and possibly look into supplementary income streams or alternative investment strategies to offset the risks associated with this ZIP code.
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.