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 | $920 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $150,782 | 0.74% | D |
| 3BR | $1,380 | $191,960 | 0.72% | D |
| 4BR | $1,510 | $233,136 | 0.65% | D |
| 5BR | $1,752 | $281,278 | 0.62% | D |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $940 for ZIP 46805 in fiscal year 2024 will sufficiently cover the mortgage on a home valued at $178,512. Indeed, this figure alone does not guarantee profitability. However, it's essential to consider the broader context, including the local real estate market and the typical mortgage payments in the area.
The objection regarding renter demand at 42.6% can be addressed by examining the specific needs of the Fort Wayne community. According to recent trends, Fort Wayne experiences a robust rental market, especially near colleges, malls, and entertainment venues. The demand for affordable housing remains high, indicating that a 42.6% rental rate is competitive and sustainable. Moreover, the presence of several key investments and developments, such as The Landing and Electric Works, suggests a growing interest in the area among renters.
Regarding the concern over whether Section 8 vouchers will keep pace with the $1,031 market rents, the data indicates that while vouchers may not always match market rates, they do provide a stable source of income. In ZIP 46805, Section 8 vouchers often cover a significant portion of the rent, making these homes attractive to low-income families. While the exact amount of voucher payments isn't specified in the data, historical trends suggest that they adjust periodically to reflect changes in the cost of living and market conditions. Therefore, it's reasonable to expect that voucher payments will continue to support a substantial portion of the market rent.
In summary, while the FMR of $940 may not immediately cover the mortgage on a $178,512 home, the overall rental market in Fort Wayne, IN 46805, remains strong. The 42.6% rental rate reflects a viable demand, and Section 8 vouchers provide a reliable income stream that generally aligns with market trends. These factors collectively contribute to a favorable investment climate for landlords and small-portfolio investors.
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.