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 | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $134,658 | 0.87% | C |
| 3BR | $1,440 | $184,567 | 0.78% | D |
| 4BR | $1,570 | $227,964 | 0.69% | D |
| 5BR | $1,821 | $252,952 | 0.72% | D |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 46808, located in Fort Wayne, IN, reveals a competitive rental environment. The HUD Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $1000. In comparison, the Zillow Observed Rental Index (ZORI), which reflects actual market rents, stands at $1,070. This indicates that landlords accepting Section 8 vouchers will experience marginal cash flow, as the HUD FMR is slightly below the current market rates.
The median home value in ZIP 46808 is $166,091. To understand the rent-to-price ratio, we divide the HUD FMR by the median home value. The calculation yields a ratio of approximately 0.6%, suggesting that the rental income generated by properties at the HUD FMR level is modest relative to property values. However, this ratio does not account for the potential cost savings associated with lower vacancy rates and stable tenancy typically seen with voucher holders.
In terms of days on market (DOM) and price-cut shares, the data shows these metrics as N/A and 0.2%, respectively. While these figures do not provide a complete picture of the buy-versus-rent dynamics, they do suggest that the market for home purchases is relatively stable, with few homes needing to be discounted. This stability can support the long-term investment strategy for those looking to hold properties rather than flip them.
The strongest angle for investors in this market is stability. Section 8 properties offer consistent occupancy and reliable rent payments through government subsidies, making them an attractive option for those seeking a steady income stream without the volatility often found in non-subsidized rental markets.
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.