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 | $1,290 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,930 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,570 | $244,442 | 0.64% | D |
| 3BR | $1,930 | $289,309 | 0.67% | D |
| 4BR | $2,110 | $355,349 | 0.59% | F |
| 5BR | $2,448 | $410,922 | 0.6% | F |
U.S. Census Bureau data (2024)
ZIP code 46818, located in Fort Wayne, IN, falls within the Fort Wayne, IN HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1350, while the average market rent stands at $1895. The median home value in this ZIP is $305,933, and the renter share is 15.6%. These figures can be used to determine the position of 46818 within the broader metro area.
To contextualize 46818, we must consider the typical characteristics of other ZIP codes within the Fort Wayne, IN HUD Metro FMR Area. Generally, ZIP codes with an FMR of $1350 suggest that they are offering rental units at a lower cost compared to the market rate. In this case, the market rent of $1895 is significantly higher than the FMR, indicating that 46818 could be considered a value pocket for renters looking for affordable options within the metro area.
The median home value of $305,933 is indicative of a middle-range property price point. This suggests that 46818 is neither among the most expensive nor the least expensive neighborhoods in the Fort Wayne, IN HUD Metro FMR Area. It aligns well with what would be expected of a mid-tier neighborhood, where properties are accessible to a broad range of buyers without being at the bottom or top end of the market.
A 15.6% renter share is slightly above the national average but not unusually high. However, when combined with the lower FMR and higher market rent, it indicates that there is a segment of the population that finds renting in 46818 attractive. This divergence between the FMR and market rent, alongside the relatively high renter share, points towards a potential sweet spot for Section 8 participants. They can secure housing at the subsidized FMR rate, which is below the average market rent, making 46818 a favorable location for those seeking affordable rental options.
In summary, ZIP code 46818 presents itself as a value pocket within the Fort Wayne, IN HUD Metro FMR Area. Its FMR of $1350, coupled with a market rent of $1895, and a median home value of $305,933, places it squarely in the middle of the affordability spectrum. The 15.6% renter share further supports its appeal as a location for Section 8 participants, who can benefit from the lower rental costs relative to the market rates.
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.