Location: Fulton County, IN | Metro: Cass County, IN
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 | $830 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $229,418 | 0.59% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 46950 presents a dynamic environment for landlords and small-portfolio investors. With a Fair Market Rent (FMR) of $980 for the fiscal year 2026, the area is positioning itself as a location where rental values are expected to rise slightly above the current market rent of $850. This suggests that there is an upward trend in rental pricing, driven by factors such as economic growth and population shifts.
The median home value in the area stands at $207,230, indicating a relatively affordable housing market. However, the lack of specific data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. Nonetheless, the fact that the FMR is higher than the current market rent implies that there may be some upward pressure on rental prices, suggesting that demand could be catching up or surpassing supply.
A 9.7% renter share in the ZIP code points to a smaller proportion of renters compared to homeowners. This can have several implications for the long-term housing dynamics in the area. Firstly, it indicates that the majority of residents prefer owning their homes over renting, which might suggest a stable housing market with fewer short-term fluctuations. Secondly, the lower renter share could imply that the area experiences less long-term housing pressure, as fewer individuals are competing for rental properties. This stability, however, also means that landlords and investors should carefully consider the local economy and job market to ensure a steady stream of potential tenants.
In summary, ZIP 46950 appears to be a market with modest growth expectations, particularly in the rental sector. The relatively low renter share suggests a predominantly owner-occupied community, which could mean a quieter rental market but also one that is potentially less volatile. For investors looking to enter this market, understanding the local economic drivers and trends will be crucial to making informed decisions.
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.