Location: Wells County, IN | Metro: Wells County, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 46778 presents an interesting scenario for both renters and landlords. Given the median income is listed as N/A, it becomes challenging to assess the financial capability of households to meet the market rate rent, also listed as N/A. However, when comparing against the Federal Market Rent (FMR) standard of $960 for the metro area in fiscal year 2026, the affordability gap appears significant.
The data indicates there are 34 residents in ZIP 46778, with 0.0% identified as renters. This suggests that the vast majority of the housing stock is owner-occupied, leaving a very limited rental market. For landlords operating in this environment, competition is minimal due to the low number of rental units available. However, the scarcity of renters also means that attracting tenants could be difficult without offering competitive terms.
To frame this from the renter's perspective, the FMR of $960 represents the maximum amount that a household receiving a housing voucher would pay for rent. If the market rate exceeds this figure, it becomes less feasible for voucher recipients to find suitable housing within ZIP 46778. Landlords should consider this when setting their rental rates, especially if they wish to cater to those with vouchers.
The takeaway for landlords is clear: while the competition for rental properties is low, the potential tenant pool is equally constrained. Landlords who are considering whether to accept voucher payments or focus on cash-paying tenants must weigh the benefits of guaranteed rental income from vouchers against the possibility of higher market rates. Given the low number of renters and the limited population, accepting voucher payments at the $960 FMR may provide a stable income stream, albeit at a lower rate than what might be achievable in a more robust rental market. Conversely, focusing on cash-paying tenants requires understanding the local economic conditions and ensuring rents are set at a level that matches the affordability of the local population, which remains unclear due to the lack of median income data.
Data Sources: FMR data from HUD (2027). 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.