Location: Fort Wayne, IN | Metro: Fort Wayne, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
U.S. Census Bureau data (2024)
The rent math in ZIP 46845 does not work favorably for Section 8 landlords. The Fair Market Rent (FMR) set at $1,500 for the fiscal year 2024 is below the market rent indicated by ZORI at $1,712. This discrepancy suggests that landlords might struggle to cover their costs if they rely solely on Section 8 payments.
Acquisition in this area is relatively affordable. The median home value stands at $384,944, which is manageable for small-portfolio investors. Additionally, the days on market (DOM) average is 37 days, indicating a quick turnover rate. The low price-cut share of 0.3% further supports the notion that homes are selling close to their asking price, making it a stable market for acquisitions.
Tenant demand is present but not overwhelming. With a total population of 29,583, the renter share is 16.0%. This means that approximately 4,733 residents are potential renters. While this number is significant, the relatively low renter share could indicate that finding tenants who qualify for Section 8 might be challenging.
In conclusion, while the acquisition process in ZIP 46845 is financially feasible, the mismatch between the FMR and market rent poses a risk for landlords. The available tenant pool is adequate but may require additional effort to secure qualified Section 8 tenants. Landlords must carefully assess their property expenses to ensure profitability given the lower reimbursement rates.
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.