Location: Fort Wayne, IN | Metro: Fort Wayne, IN HUD Metro FMR Area
| 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 Fair Market Rent (FMR) for ZIP code 46862 in Indiana for fiscal year 2024 is set at $1090. This figure represents the maximum amount that a landlord can charge a tenant who participates in the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you will be receiving; rather, it's the ceiling on what the voucher can cover.
In comparison to the local average rent, which is currently listed as N/A, the FMR provides a benchmark for understanding the rental market dynamics. Although we don't have the exact local average rent, the FMR gives an indication of what subsidized housing tenants can afford in this area.
The percentage of renters in ZIP 46862 is also listed as N/A, but this metric would typically help gauge the demand for rental properties. If the renter share were higher, it would suggest a greater need for affordable housing options, potentially increasing the interest in your property if you decide to participate in the Section 8 program.
Regarding the acquisition cost, the median home value in this ZIP code is N/A. This data point helps you understand the overall economic landscape and the potential investment required to enter the rental market in this area.
Before proceeding with your decision to accept Section 8 tenants, verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary for occupancy. Compliance with HQS is mandatory for participation in the Section 8 program, and failing to meet these criteria can result in penalties or disqualification.
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.