Location: Fort Wayne, 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 | $1,040 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $207,635 | 0.61% | D |
| 3BR | $1,550 | $271,690 | 0.57% | F |
| 4BR | $1,700 | $329,812 | 0.52% | F |
U.S. Census Bureau data (2024)
ZIP code 46797, located in Woodburn, IN, falls within the Fort Wayne, IN HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 46797 is set at $1080 for fiscal year 2024, which is higher than the current market rent of $1,027. This suggests that landlords in this area might see an opportunity to increase rents closer to the FMR level without significantly deterring tenants.
The median home value in ZIP 46797 is $277,359, which is notably lower than the average home value in the Fort Wayne metro area. Additionally, the renter share in this ZIP is 8.0%, indicating a smaller proportion of residents renting compared to owning. However, this combination of a relatively low home value and a non-negligible renter share can create favorable conditions for Section 8 investors. Typically, a higher renter share coupled with below-average home values signals a potential sweet spot for Section 8 properties, as it indicates a concentration of renters who may rely on government assistance to cover their housing costs.
In comparison to other ZIP codes within the Fort Wayne, IN HUD Metro FMR Area, ZIP 46797 stands out as a value pocket. Its below-average home value and slightly elevated FMR relative to market rent suggest that it offers good investment opportunities for landlords seeking to serve the needs of assisted households without incurring the costs associated with higher-priced neighborhoods. The lower home values also imply that there may be more affordable property acquisition options for those looking to expand their rental portfolios.
To summarize, ZIP 46797 presents itself as a promising value pocket within the Fort Wayne metro area, particularly for Section 8 real estate investments. It offers a blend of reasonable property acquisition costs and favorable conditions for rental income supported by government assistance programs.
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.