Location: Wells County, 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 | $980 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $180,983 | 0.66% | D |
| 3BR | $1,460 | $222,776 | 0.66% | D |
| 4BR | $1,600 | $271,242 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 46819 in Fort Wayne, IN, presents a dynamic rental market influenced by several key factors. The Fair Market Rent (FMR) for the area stands at $1100 for fiscal year 2024, indicating a higher benchmark set by HUD for subsidized housing programs. However, the actual market rent, according to the latest Census American Community Survey (ACS) data, is lower at $974. This suggests that while there is an established standard for rental rates, the current market reflects a slightly different reality, potentially due to competition among landlords.
The median home value in ZIP 46819 is $222,733, which provides insight into the overall property values and can influence rental prices. Despite the lack of specific data on the percentage of price cuts and days on market (DOM), the gap between FMR and market rent points towards a scenario where supply might be meeting or slightly exceeding demand. Landlords who wish to maintain occupancy rates may need to consider pricing their units closer to the market rate rather than the FMR.
A significant 28.8% of households in this area are renters, a figure that underscores the importance of the rental sector to the local economy. This high renter share implies ongoing long-term housing pressure, as a substantial portion of residents rely on rental properties. For small-portfolio investors, this indicates a steady demand for rental units but also highlights the necessity to offer competitive pricing and amenities to attract tenants.
In summary, ZIP 46819 is characterized by a rental market where the actual market rates are below the FMR, suggesting a balance or slight surplus in supply relative to demand. The high proportion of renters signals persistent housing pressure, making it crucial for landlords to understand and adapt to the local market conditions to ensure stable occupancy and returns.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.