Section 8 Fair Market Rent (FMR) for ZIP 46779 - 2027

Location: Steuben County, IN | Metro: Steuben County, IN

Investment Score for ZIP 46779

Monthly Rent (2BR)

$1,070

Median Price (2BR)

$200,615

1% Rule

0.53%

Annual Yield

6.4%

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	$810
1 Bedroom	$830
2 Bedrooms	$1,070
3 Bedrooms	$1,360
4 Bedrooms	$1,410
5 Bedrooms	$1,636
6 Bedrooms	$1,832
7 Bedrooms	$1,979
8 Bedrooms	$2,078

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	$1,070	$200,615	0.53%	F
3BR	$1,360	$281,000	0.48%	F
4BR	$1,410	$361,052	0.39%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,221

Median Household Income

$86,000

Housing Units

1,115

Renter Percentage

1.5%

Occupancy Rate

76.4%

Renter Occupied

Pleasant Lake, IN, represented by ZIP code 46779, is a small community situated in a tranquil setting. This area is ideal for those seeking a peaceful living environment away from the hustle and bustle of urban life. The local real estate market offers unique opportunities for both landlords and small-portfolio investors, particularly given the specific characteristics outlined below.

The Fair Market Rent (FMR) for ZIP 46779 stands at $1,010 for the fiscal year 2026, indicating a stable rental price point for the region.
The median home value in Pleasant Lake, IN, is $237,161, which provides a baseline for property investments in the area.
Renters make up only 1.5% of the population, suggesting that the market for rental properties is limited and competition among landlords could be fierce.
The median household income in the area is $86,000, which implies that residents have a relatively strong purchasing power but also indicates a preference for homeownership over renting.

Given these data points, it's clear that while the rental market in Pleasant Lake, IN, has a defined fair market rent, the low percentage of renters and high median home values suggest that the market is skewed towards homeownership. Investors should be prepared for a niche rental market and consider the potential for long-term appreciation in property values rather than high rental yields. The strong median income supports the possibility of steady growth in property values, making this area suitable for buy-and-hold strategies focused on capital appreciation.

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.