Location: Wabash County, IN | Metro: Fort Wayne, 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 | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $186,841 | 0.55% | F |
| 3BR | $1,250 | $233,631 | 0.54% | F |
| 4BR | $1,370 | $310,764 | 0.44% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 46787, located in South Whitley, IN, within the Wabash County metro area, does not favor landlords. The Fair Market Rent (FMR) for FY 2024 is set at $1000, while the actual market rent, according to Census ACS data, stands at $765. This discrepancy means that landlords receiving Section 8 subsidies would be undercharging by $235 per month, indicating that the rent math does not work in favor of maximizing rental income.
Acquisition in this ZIP code is relatively affordable. With a median home value of $238,359, purchasing property here is within reach for many investors. However, the lack of data on days on market (DOM) and the percentage of homes that require price cuts to sell suggests that the real estate market might not be as active or competitive as in other areas. This could indicate slower sales cycles but also less pressure to reduce asking prices.
Tenant demand in ZIP 46787 is moderate. The total population is 4,031, and 18.4% of residents are renters. This implies a smaller pool of potential tenants compared to densely populated urban areas, which could affect the speed of leasing properties and the competition among landlords.
In summary, ZIP 46787 presents challenges for landlords due to unfavorable rent math and moderate tenant demand. While the cost of acquiring property is reasonable, the financial benefits of owning rental properties in this area may be limited by the lower market rents and the subsidy requirements. Investors should consider these factors carefully before making any purchase decisions in this ZIP code.
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.