Location: Wells County, IN | Metro: Wells County, 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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,230 | $260,714 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 46781 stands out in its county with a population of 1,046 residents, where only 10.8% rent their homes. This indicates a predominantly owner-occupied area. The median income in this ZIP is $87,768, which is relatively high compared to national averages, suggesting a financially stable community. The median home value is $227,585, reflecting a moderate cost of homeownership that aligns well with the local income levels.
When it comes to Section 8 voucher economics, the data presents an interesting opportunity. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960, whereas the actual market rent, based on Census ACS data, is significantly lower at $496. This gap between the FMR and the market rent means that landlords who accept Section 8 vouchers can potentially charge rents closer to the FMR, thereby increasing their rental income.
The disparity between the median income and median home value also suggests that the community is financially capable of supporting higher rental rates, making it a viable location for landlords interested in Section 8 properties. The low percentage of renters implies that there might be limited rental stock available, creating a competitive advantage for those who can offer affordable housing through Section 8 programs.
In summary, ZIP 46781 presents a stable economic environment with strong potential for landlords accepting Section 8 vouchers. The financial stability of the residents and the relatively low market rent compared to the FMR indicate that this ZIP code could be a profitable and sustainable market for such investments. Landlords should consider the advantages of operating in a community with a high median income and moderate home values, especially when leveraging the higher FMR allowed by Section 8 vouchers.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.