Section 8 Fair Market Rent (FMR) for ZIP 46791 - 2027

Location: Wells County, IN | Metro: Wells County, IN HUD Metro FMR Area

Investment Score for ZIP 46791

N/A

Monthly Rent (2BR)

$1,260

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$960
1 Bedroom	$960
2 Bedrooms	$1,260
3 Bedrooms	$1,530
4 Bedrooms	$1,750
5 Bedrooms	$2,030
6 Bedrooms	$2,274
7 Bedrooms	$2,456
8 Bedrooms	$2,579

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,530	$294,047	0.52%	F
4BR	$1,750	$351,811	0.5%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,210

Median Household Income

$128,542

Housing Units

520

Renter Percentage

4.2%

Occupancy Rate

91.3%

Renter Occupied

ZIP code 46791, located within the Wells County, IN HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1,140 for fiscal year 2026. This figure represents the median rent for a two-bedroom apartment in the area. The market rent in ZIP 46791 is slightly lower at $970, indicating that rental prices are below the HUD's fair market assessment. The average home value in this ZIP is $276,824, which is a critical metric for understanding property investment potential.

The renter share in ZIP 46791 stands at 4.2%, suggesting a relatively low proportion of renters compared to homeowners. When comparing these metrics to typical ZIP codes within the Wells County, IN HUD Metro FMR Area, several points emerge:

Fair Market Rent: At $1,140, the FMR for ZIP 46791 aligns closely with the broader Wells County average, indicating that it is neither significantly overpriced nor undervalued relative to the county standard.
Market Rent: With a market rent of $970, properties in ZIP 46791 are priced below the HUD's FMR, potentially making them attractive to tenants looking for affordable housing options.
Home Value: The home value of $276,824 is consistent with other ZIP codes in the area, reflecting a stable real estate market without extreme highs or lows.
Renter Share: The 4.2% renter share is notably low, suggesting that the majority of residents in ZIP 46791 own their homes rather than renting.

Based on these figures, ZIP 46791 appears to be a mid-tier neighborhood within its metro. The market rent being below the HUD FMR indicates a slight discount for landlords, while the home value reflects a typical price point for the area. The low renter share suggests limited demand for rental properties, which could impact the attractiveness of ZIP 46791 for investors focused solely on rentals. However, the combination of below-average market rents and above-average home values might indicate a sweet spot for Section 8 properties, where rental subsidies can cover a significant portion of the below-FMR rent, making it financially viable for landlords despite the lower renter share.

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.