Location: Miami County, IN | Metro: Miami County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
The economics of Section 8 housing in ZIP code 46921, located in Miami County, Indiana, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $960. This figure represents the maximum amount that a landlord can expect to receive from the Housing Choice Voucher program for a unit of this size.
To understand what this means for landlords, it's important to break down the components of the voucher payment. The tenant is responsible for paying 30% of their adjusted income towards rent. For example, if a tenant's monthly adjusted income is $1,600, they would pay $480 towards the rent. The remaining balance up to the SAFMR is covered by the voucher program. In this case, the landlord would receive $480 from the tenant and an additional $480 from the government, totaling the $960 SAFMR.
In addition to the base rent, the voucher also includes allowances for utilities. These allowances vary based on the number of bedrooms and the specific needs of the household. However, since the local market rent data is not available, we cannot provide a direct comparison between the SAFMR and the typical rental rates in the area.
Given the SAFMR of $960, landlords should be aware that this is a fixed rate set specifically for this ZIP code. It does not fluctuate based on market conditions but is reviewed annually and adjusted according to federal guidelines. If the local market rent is higher than the SAFMR, landlords will face a reimbursement gap. Conversely, if the local market rent is lower, landlords might see a surplus.
Without specific local market rent data, we can only state that the SAFMR for a two-bedroom apartment is $960. Landlords must decide whether this amount meets their financial needs for maintaining and managing their properties in ZIP code 46921.
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.