Section 8 Fair Market Rent (FMR) for ZIP 46807 - 2027

Location: Fort Wayne, IN | Metro: Fort Wayne, IN HUD Metro FMR Area

Investment Score for ZIP 46807

Monthly Rent (2BR)

$1,230

Median Price (2BR)

$132,056

1% Rule

0.93%

Annual Yield

11.18%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,010
1 Bedroom	$1,010
2 Bedrooms	$1,230
3 Bedrooms	$1,510
4 Bedrooms	$1,650
5 Bedrooms	$1,914
6 Bedrooms	$2,144
7 Bedrooms	$2,316
8 Bedrooms	$2,432

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,230	$132,056	0.93%	C
3BR	$1,510	$169,975	0.89%	C
4BR	$1,650	$221,343	0.75%	D
5BR	$1,914	$292,755	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

16,317

Median Household Income

$58,685

Housing Units

7,195

Renter Percentage

39.7%

Occupancy Rate

89.7%

Renter Occupied

2,564

To determine if a landlord should buy in ZIP 46807 (Fort Wayne, IN) for Section 8, follow this decision tree:

Does the Fair Market Rent ($1120 for FY 2024) clear debt service on a property valued at $166,551?
- Yes. The FMR of $1120 is sufficient to cover the average debt service on a property priced at $166,551. This makes the ZIP code viable for Section 8 investments.
- No. The FMR of $1120 does not cover the average debt service on a property valued at $166,551. This would make the ZIP code unviable for Section 8 investments.
Is the market rent ($1,012 ZORI) above, at, or below the FMR?
- Above FMR. If the ZORI exceeds the FMR, landlords can consider non-Section 8 tenants for higher rents, but the primary focus on Section 8 may still be limited by the FMR cap.
- At or Below FMR. The ZORI of $1,012 is below the FMR of $1120, indicating that Section 8 rents align well with the market, reducing the risk of vacancy due to low rental rates.
Are there enough renters (39.7%) and is the N/A-day Days on Market (DOM) indicative of strong demand?
- It depends. With 39.7% of residents being renters, there is a significant portion of the population who might be interested in Section 8 housing. However, the lack of data on DOM means we cannot assess how quickly properties are rented out. This uncertainty requires further investigation into local rental market dynamics before making a decision.

The analysis hinges on the ability of the FMR to support debt service, which it does in this case. The market rent being below the FMR suggests stability in tenant acquisition through Section 8. The presence of a substantial number of renters indicates potential demand, but the absence of DOM data leaves a critical gap in assessing the speed of rental turnover. Therefore, a landlord should proceed with caution, ensuring they have a comprehensive understanding of the local rental market beyond the provided statistics.

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.