Section 8 Fair Market Rent (FMR) for ZIP 46851 - 2027

Location: Fort Wayne, IN | Metro: Fort Wayne, IN HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,030
1 Bedroom	$1,030
2 Bedrooms	$1,250
3 Bedrooms	$1,540
4 Bedrooms	$1,680
5 Bedrooms	$1,949
6 Bedrooms	$2,183
7 Bedrooms	$2,358
8 Bedrooms	$2,476

The median income figure for ZIP 46851 in Fort Wayne, IN, is not available, which complicates assessing the financial capability of the average household. However, the median market rate for rentals in Fort Wayne, IN, stands at approximately $1,150 per month according to recent data. This places significant pressure on households, especially when considering the Federal Market Rate (FMR) of $1090 for FY 2024, which is the benchmark for voucher payments.

To put this into perspective, if we assume the typical household income is in line with broader Fort Wayne averages, the gap between the market rate and the voucher payment standard is clear. The $1,150 median rental cost exceeds the $1090 voucher amount, indicating a potential challenge for renters relying on vouchers to cover their housing expenses.

The lack of specific data on the percentage of renters and the total population within ZIP 46851 means we must look at broader trends. In Fort Wayne, the rental market is robust, and the competition among landlords is likely high, especially for units that fall within the affordable range. Given the disparity between the median market rate and the voucher payment standard, landlords might face difficulties attracting tenants who rely solely on vouchers.

Takeaway for Landlords:

Voucher Strategy: Accepting voucher payments at $1090 can limit the pool of potential tenants to those who qualify and have vouchers, possibly leading to longer vacancy periods.
Cash-Pay Strategy: Targeting higher-paying cash tenants can be more profitable but risks leaving behind a significant portion of the market that cannot afford the $1,150 median rate.

A balanced approach might be necessary, where landlords consider offering units at slightly below the median market rate to attract a mix of voucher and cash-paying tenants, ensuring steady occupancy and a reasonable return on investment.

Data Sources: FMR data from HUD (2027).

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.