Location: DeKalb County, IN | Metro: DeKalb 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 | $760 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,260 | $294,810 | 0.43% | F |
| 4BR | $1,340 | $364,897 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 46785, with a population of 1,491, has a relatively modest rental market share at 15.4%. This indicates that the area is not heavily dominated by renters but rather leans towards homeownership. The median household income stands at $63,250, which provides a baseline for assessing the affordability of housing.
A typical market rent of $855 in this ZIP code represents approximately 13.5% of the median household income. This figure is calculated by dividing the monthly rent by the annual median income and multiplying by 100. The Federal Market Rent (FMR) for the area, set at $960 for FY 2026, reflects a slightly higher benchmark, indicating that the market rent is below the federally recognized fair market rate.
Landlords in ZIP 46785 can expect a tenant profile that includes individuals and families who are likely to be eligible for Section 8 vouchers due to the lower market rent compared to the FMR. These tenants will generally have an income that is 30% or less of the area's median income, aligning with the eligibility criteria for housing assistance programs. Given the median household income, a significant portion of the rental market could be supported by voucher holders, especially since the actual market rent is below the FMR.
However, the scarcity of voucher holders in a primarily homeowner-dominated area might present challenges in finding qualified tenants. Landlords should prepare to screen applicants carefully, ensuring they meet the income requirements and are capable of fulfilling their obligations under the voucher program. Additionally, landlords must be aware of the administrative responsibilities associated with managing properties that accept Section 8 vouchers.
In summary, while the rental market in ZIP 46785 is not overwhelmingly dominated by renters, there is a notable presence of potential voucher holders. With market rents at $855 and the FMR at $960, the area offers affordable options for low-income households seeking rental accommodations. Landlords should anticipate tenants with incomes around $19,000 per year, which is 30% of the median household income, and be prepared to navigate the intricacies of the Section 8 program.
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.