Location: Wabash County, IN | Metro: Kokomo, IN MSA
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 | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $124,598 | 0.82% | C |
| 3BR | $1,280 | $182,622 | 0.7% | D |
| 4BR | $1,460 | $238,245 | 0.61% | D |
U.S. Census Bureau data (2024)
The Section 8 Housing Choice Voucher program presents a viable investment opportunity for landlords and small-portfolio investors in ZIP code 46919, located in Converse, IN, which falls within the Grant County and Wabash County, IN metro area. The HUD Fair Market Rent (FMR) for the fiscal year 2024 is set at $870, whereas the Census ACS reports an average market rent of $569 for the same region. This comparison indicates that voucher tenants can cashflow positively at the HUD FMR, providing landlords with a significant margin over the typical rental rates.
To further analyze the market dynamics, consider the median home value in ZIP 46919, which stands at $177,874. Using the HUD FMR of $870, we can calculate a rent-to-price ratio of approximately 0.5%. This ratio suggests that the rental income generated from properties in this area is relatively low compared to the purchase price, which might influence potential buyers' decisions. However, for investors focused on rental income, the positive cashflow from voucher tenants makes it an attractive option.
In terms of the days on market (DOM) and the percentage of homes that experience price cuts, these metrics are not applicable (N/A) for the current analysis. Nevertheless, given the strong positive cashflow potential, the stability of rental income from voucher tenants could be a significant factor for investors looking to avoid fluctuations in rental markets.
The strongest investor angle in ZIP 46919 is the cashflow from voucher tenants, offering a reliable and above-average rental income compared to typical market rates. This ensures a steady stream of income, making it ideal for investors prioritizing consistent returns over speculative appreciation.
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.