Section 8 Fair Market Rent (FMR) for ZIP 46861 - 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 |
To determine if you should invest in ZIP 46861 (Unknown, IN) for Section 8 properties, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1090 cover the debt service on a property?
- Yes: If the FMR can cover your debt service, proceed to the next step.
- No: Do not invest in ZIP 46861. The FMR is insufficient to support your financial obligations.
2) How does the market rent compare to the FMR?
- Above FMR: If the market rent is higher than $1090, it indicates that Section 8 tenants might struggle to find non-subsidized housing, increasing demand for your property. However, ensure that the rent you charge does not exceed the FMR for Section 8 eligibility.
- At FMR: Market rents aligning with the FMR suggest a balanced demand for subsidized housing. This scenario is favorable for maintaining occupancy rates.
- Below FMR: If the market rent is below $1090, it signals lower competition and potentially easier access to tenants. However, it also means lower rental income, which could affect profitability.
3) Is there sufficient demand indicated by the percentage of renters and days on the market (DOM)?
- It depends: Without specific percentages of renters and DOM data, it's challenging to assess demand accurately. A high percentage of renters combined with low DOM suggests strong demand, making ZIP 46861 a viable investment for Section 8 properties. Conversely, low percentages of renters or high DOM indicate weak demand, which could lead to prolonged vacancy periods and reduced returns.
Note: Due to the lack of specific data points for market rent, percentage of renters, and DOM, some decisions are contingent upon obtaining these figures. Ensure you gather comprehensive local market data before making an investment decision.
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.