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 | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,350 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $92,340 | 1.19% | B |
| 3BR | $1,350 | $123,183 | 1.1% | B |
| 4BR | $1,480 | $179,086 | 0.83% | C |
U.S. Census Bureau data (2024)
The analysis of ZIP code 46806 in Fort Wayne, IN, reveals a real estate market that balances yield potential with moderate stability, making it an attractive option for both landlords and small-portfolio investors.
On the yield axis, the Federal Market Rent (FMR) for ZIP 46806 in fiscal year 2024 is set at $970, which is notably higher than the market rent of $941. This suggests that properties eligible for Section 8 funding can command slightly higher rents, enhancing the financial return for investors. Additionally, the average home value stands at $112,939, indicating that the area offers affordable entry points for those looking to invest in rental properties. The discrepancy between the FMR and the market rent, along with the relatively low home values, supports a scenario where investors can achieve a higher yield compared to other areas with similar characteristics.
Regarding stability, the ZIP code shows that 48.1% of residents are renters, which provides a consistent demand for rental housing. However, the lack of data on the number of days on market (DOM) indicates some uncertainty about how quickly properties can be rented out. Despite this, the median household income of $47,895 offers insight into the economic health of the area. While this figure is lower than the national average, it still supports a stable tenant base that is likely to maintain steady cash flow. The combination of a significant portion of renters and a moderate income level suggests that the market is stable enough to avoid frequent vacancies but not so stable that it limits the potential for higher yields.
In summary, ZIP 46806 presents a market that is neither purely high-yield nor strictly low-risk. It offers a balance, leaning towards a higher yield due to the favorable gap between FMR and market rent, while maintaining a stable tenant population. Investors should consider the moderate income levels and the percentage of renters when evaluating the risk-reward profile of this area.
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.