Location: Steuben 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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $830 | $277,955 | 0.3% | F |
| 2BR | $1,080 | $298,685 | 0.36% | F |
| 3BR | $1,290 | $382,212 | 0.34% | F |
| 4BR | $1,480 | $470,351 | 0.31% | F |
| 5BR | $1,717 | $613,666 | 0.28% | F |
U.S. Census Bureau data (2024)
The ZIP code 46795, located in Wolcottville, Indiana, within the Steuben County metro, presents a unique profile compared to other ZIP codes in the region. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,020, while the actual market rent in 46795 stands at $844. This indicates that 46795 offers rental properties at a discount relative to the broader metro area's FMR.
The median home value in 46795 is $342,642, which is likely to be representative of the county average or slightly above it, given the lack of specific comparative data. However, the renter share in 46795 is 12.3%, a figure that suggests a moderate level of rentership compared to other ZIP codes in the county. Typically, a higher renter share can signal a concentration of tenants eligible for Section 8 assistance, especially when coupled with below-metro average home values, indicating an affordability factor that attracts subsidized housing.
Based on the provided figures, 46795 appears to be a value pocket within its metro. The market rent is lower than the FMR, suggesting that landlords in this area might be able to offer competitive rents while still benefiting from the Section 8 program. Additionally, the combination of a relatively high renter share and a median home value that aligns closely with the county average makes 46795 an attractive location for small-portfolio investors looking to leverage Section 8 subsidies.
To further understand the positioning of 46795 within the Steuben County metro, it would be beneficial to compare these figures against the broader county averages. However, the current data points towards a niche market where the cost of renting is below the metro average, yet home values are not significantly discounted, making it a balanced choice for both landlords and low-income renters.
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.