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 | $880 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $210,606 | 0.55% | F |
| 3BR | $1,470 | $249,237 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 46776, located in Orland, IN, stands out within Steuben County due to its unique demographic and economic characteristics. With a population of 1,547 residents, only 11.0% are renters, indicating a predominantly owner-occupied community. The median income here is $54,801, which is relatively modest compared to the median home value of $217,087. This suggests that homeownership is attainable but requires a significant portion of household income.
When it comes to the economics of Section 8 vouchers in ZIP 46776, the disparity between the Fair Market Rent (FMR) and the actual market rent is stark. For fiscal year 2026, the FMR is set at $1,140, while the Census American Community Survey (ACS) reports the market rent at $734. This difference presents an opportunity for landlords who can leverage the higher FMR to offset maintenance costs and ensure profitability.
The data signature for ZIP 46776 reads as stable. The low percentage of renters combined with a moderate median income and high median home value suggests a community where homeownership is valued and maintained. The consistent gap between FMR and market rent provides a predictable financial environment for those participating in the Section 8 program. Landlords and small-portfolio investors should take note of these figures to make informed decisions about property investments and management practices in this area.
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.