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 | $950 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $950 | $130,794 | 0.73% | D |
| 2BR | $1,160 | $111,147 | 1.04% | B |
| 3BR | $1,430 | $140,590 | 1.02% | B |
| 4BR | $1,560 | $187,010 | 0.83% | C |
| 5BR | $1,810 | $332,848 | 0.54% | F |
U.S. Census Bureau data (2024)
In ZIP code 46802 of Fort Wayne, IN, landlords considering Section 8 investments must be aware of several potential pitfalls. Tenant turnover is a significant risk due to the slight disparity between the market rent of $988 and the Fair Market Rent (FMR) of $1000 for FY 2024. This difference can lead to tenants seeking higher rents, causing frequent turnover and associated costs.
Vacancy exposure is another concern. The average days on market (DOM) is not available, which makes it difficult to predict how long a property might remain vacant. In areas with high competition, this could mean extended periods without rental income, increasing financial pressure on landlords.
The deferred-maintenance exposure is substantial given the typical home value of $134,398 and the median household income of $46,854. Homeowners and landlords with limited financial resources may struggle to keep up with necessary repairs and maintenance, leading to potential code violations and decreased property value.
However, these risks are offset by a robust renter share of 65.0%. High renter density often correlates with strong demand for housing vouchers, ensuring a steady stream of qualified tenants. This demand helps stabilize occupancy rates and reduces the likelihood of prolonged vacancies.
The verdict for ZIP 46802 is moderate risk. While there are significant challenges, particularly with tenant turnover and maintenance costs, the high renter density provides a buffer against vacancy exposure and ensures a reasonable level of stability for first-time Section 8 landlords.
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.