Location: Wells 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 | $1,190 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,780 | $292,289 | 0.61% | D |
| 4BR | $1,950 | $376,818 | 0.52% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 46798 stands at $81,691, indicating a relatively stable economic environment for residents. However, when considering the market rate for rent, which is $1,329 according to the Census Bureau's American Community Survey (ACS), households may find it challenging to cover their housing costs comfortably. This figure represents approximately 16.2% of the median annual income, assuming all income is available for spending on rent, which is unrealistic given other living expenses.
The Fair Market Rent (FMR) set for ZIP 46798 for fiscal year 2024 is $1,360. This is very close to the actual market rate, suggesting that the Housing Choice Voucher Program aims to keep up with local rental prices. For tenants relying on vouchers, the program ensures they can afford housing without being significantly burdened by rent costs, as the voucher would cover the entire FMR amount.
With only 16.8% of the 954-person population being renters, competition among landlords is likely to be fierce. The low percentage of renters means that there is a limited pool of potential tenants, making it crucial for landlords to understand the financial dynamics affecting their decisions. The affordability gap between the median income and the market rate rent indicates that many potential renters might rely heavily on assistance programs like the Housing Choice Voucher Program to secure housing.
For landlords evaluating their tenant selection strategy, focusing on voucher holders could provide a steady stream of income with minimal vacancy risk, especially if the majority of potential renters are struggling to meet the market rate. While voucher payments may not offer the highest immediate profit margins, the reliability and stability they bring can outweigh the risks associated with finding and retaining cash-paying tenants in a competitive market.
Takeaway: In ZIP 46798, where the median income is $81,691 and the market rate rent is $1,329, landlords should consider the significant number of potential renters who may need assistance to afford housing. Given the FMR of $1,360, aligning with the Housing Choice Voucher Program can ensure consistent tenancy and reduce the likelihood of vacancies in a market with limited rental demand.
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.