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 | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $153,816 | 0.68% | D |
| 3BR | $1,280 | $198,307 | 0.65% | D |
| 4BR | $1,400 | $245,141 | 0.57% | F |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 46809 (Fort Wayne, IN) for Section 8 investment, follow this decision tree:
1) Does FMR ($890) clear debt service on a $185,587 property?
If your debt service (including mortgage payments, taxes, insurance, and maintenance) is less than $890 per month, then the answer is yes. For instance, if your monthly debt service is $700, you can confidently proceed since the FMR comfortably covers your expenses.
If your debt service exceeds $890, such as $950, the answer is no. The FMR does not cover your costs, making it financially unwise to invest in this area based solely on Section 8 tenants.
It depends: If your debt service is close to $890, say $880, you might consider other factors like potential for rental increases or subsidies that could help bridge the gap.
2) Is market rent ($1,213 ZORI) above, at, or below FMR?
If market rent is above the FMR, like $1,213, then the answer is yes. This indicates that you can potentially charge higher rents to non-Section 8 tenants, which diversifies your income and reduces dependency on government rates.
If market rent is equal to or below the FMR, then the answer is no. This suggests that the rental market is not providing a premium over the FMR, reducing your ability to attract tenants willing to pay more.
It depends: If you plan to exclusively rent to Section 8 tenants, you must ensure that the FMR sufficiently covers your debt service. However, if you can mix in some higher-paying tenants, it becomes more feasible.
3) Are 37.6% renters + N/A-day DOM enough demand?
The 37.6% of renters in the area suggests moderate demand. If days on market (DOM) are low, indicating quick leasing, then the answer is yes. Low DOM implies strong tenant interest and minimal vacancy periods.
If DOM is high, suggesting slow leasing, the answer is no. High DOM means it will take longer to find tenants, increasing vacancy costs and reducing profitability.
It depends: If you can leverage the moderate renter percentage by targeting specific segments of the market or offering competitive amenities, it may still be worth investing despite the lack of precise DOM data.
In conclusion, if your debt service is covered by the FMR, market rent is above the FMR, and you can lease properties quickly, then the answer is yes. Otherwise, it requires further analysis or may not be advisable.
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.