Location: Fort Wayne, IN | Metro: Fort Wayne, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,540 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
U.S. Census Bureau data (2024)
ZIP 46814, located within the Fort Wayne, IN HUD Metro FMR area, presents a unique opportunity for inclusion in a Section 8 portfolio strategy. This area can be classified as a cash-flow anchor due to the significant spread between the Fair Market Rent (FMR) and the market rent values.
The FMR for ZIP 46814 in fiscal year 2024 is set at $1410. In contrast, the market rent stands at $1,843. This difference of $433 per month represents a substantial cushion that ensures steady cash flow even when dealing with the fixed payment structure of Section 8 vouchers. Landlords can confidently manage their properties knowing that they will receive a consistent income above the FMR threshold, which is crucial for maintaining positive cash flow.
The median home value in ZIP 46814 is $450,145, indicating a relatively stable housing market. However, the primary focus for a Section 8 strategy should be on rental properties rather than home values, given the nature of the program. The low price-cut share of 0.1% and a Days on Market (DOM) of 26 suggest a competitive rental market where properties are typically leased quickly without significant concessions, further supporting the cash-flow anchor classification.
The median income in ZIP 46814 is $147,280, which is higher than the national average but still allows for a meaningful renter share of 8.7%. This indicates that there is a sufficient population eligible for Section 8 assistance, ensuring demand for subsidized units. While this could also make it a diversifier, the stronger case is made by its role as a cash-flow anchor due to the favorable rent differential.
In conclusion, ZIP 46814 is best suited as a cash-flow anchor in a Section 8 portfolio strategy. The $433 monthly buffer between FMR and market rent, combined with quick leasing times and minimal price cuts, makes it an attractive option for landlords seeking reliable income streams.
Data Sources: FMR data from HUD (2027). 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.