Location: Noble County, IN | Metro: Noble County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
ZIP 46794, located in Wawaka, IN within the Noble County, IN metro area, serves as a strong cash-flow anchor for a Section 8 portfolio strategy. The Fair Market Rent (FMR) for the Noble County, IN metro area in fiscal year 2026 is set at $1,020 for a one-bedroom unit. This figure closely aligns with the local market rate of $1,016, indicating that properties in this ZIP code can be effectively rented to tenants participating in the Section 8 program without significant rent loss.
The median home value in ZIP 46794 stands at $221,277. Given the relatively low FMR compared to the median home value, landlords can expect a stable and predictable cash flow from their rental investments in this area. The narrow spread between the FMR and market rate ($1,020 vs. $1,016) ensures that the rental income will cover operational costs and provide a reasonable profit margin, making it an ideal location for those seeking consistent financial returns.
This ZIP code does not present itself as a primary appreciation play due to the lack of data on price-cut shares and days on market (DOM). However, the steady FMR and market rates suggest that property values are unlikely to experience rapid fluctuations, providing a reliable base for long-term investment strategies.
While ZIP 46794 offers some diversification benefits, with a 11.8% renter share and a median income of $63,583, these factors are secondary to its role as a cash-flow anchor. The slightly above-average median income indicates a moderate economic base that supports the local rental market but does not drive speculative appreciation.
In summary, ZIP 46794 is best suited as a cash-flow anchor within a Section 8 portfolio. Its alignment between FMR and market rates, coupled with a stable median home value, ensures landlords can achieve reliable and consistent financial performance from their rental properties in this area.
Data Sources: FMR data from HUD (2027). 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.