Location: Noble 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 | $790 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $251,750 | 0.42% | F |
| 3BR | $1,260 | $343,854 | 0.37% | F |
| 4BR | $1,770 | $497,225 | 0.36% | F |
U.S. Census Bureau data (2024)
The market in ZIP 46784, Rome City, IN, presents a dynamic landscape with clear indicators of housing pressures. The Fair Market Rent (FMR) for the area is set at $1,010 for fiscal year 2026, while the actual market rent, according to Census ACS data, stands at $863. This suggests that rental values are currently below the federally recognized fair market level, indicating potential upward pressure on rents as the market seeks to align with federal standards.
A median home value of $303,940 places Rome City, IN, in a middle-tier valuation range compared to larger metropolitan areas. However, the lack of data on price cut shares and days on market (DOM) makes it challenging to determine if there's an over-supply or under-supply situation. Typically, a higher percentage of price cuts and longer DOM would signal a buyer's market with excess supply, whereas lower percentages and shorter DOM periods suggest a seller's market with high demand.
The 12.4% renter share is notably low, which implies that the majority of residents own their homes. This ownership rate can indicate stability but also suggests limited flexibility in the rental market. As the population grows or changes, there could be increased demand for rental properties, especially if new residents prefer renting or cannot afford to buy homes at the current median value. This scenario would exert long-term pressure on rental availability and potentially drive up rental rates as the demand for rentals increases relative to the fixed number of units.
In conclusion, while the exact trajectory of the market remains unclear due to missing data points, the current snapshot reveals a rental market that is undervalued relative to federal guidelines and a homeownership market with a strong presence of owner-occupied homes. The low renter share hints at a latent demand for rentals that could become more pronounced in the future, creating opportunities for landlords and small-portfolio investors who are prepared to meet this demand.
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.