Location: Wabash County, IN | Metro: Fort Wayne, IN HUD Metro FMR Area
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 | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $145,435 | 0.69% | D |
| 3BR | $1,210 | $208,395 | 0.58% | F |
| 4BR | $1,360 | $247,090 | 0.55% | F |
| 5BR | $1,578 | $298,525 | 0.53% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 46962 does not work favorably for landlords. The Fair Market Rent (FMR) for the area, set at $1020 per month for fiscal year 2024, is significantly higher than the actual market rent reported by the Census ACS, which stands at $685. This discrepancy suggests that landlords may struggle to charge rents high enough to cover costs and generate profit if they aim to align with the FMR.
Acquisition in ZIP 46962 is relatively affordable. With a median home value of $196,579, the cost of entry into the housing market is reasonable. However, the lack of data on days on market (DOM) and the low 0.2% price-cut share indicate that homes are selling quickly and without significant discounts, suggesting a competitive market for property acquisition.
Tenant demand in ZIP 46962 is modest. The area has a total population of 8,785, with 16.4% being renters. This translates to approximately 1,440 rental units needed, assuming all renters occupy one unit each. The demand for rental properties is present but limited, given the overall population size and the percentage of renters.
In conclusion, ZIP 46962 presents a challenging environment for landlords due to the unfavorable rent math, where the market rent falls short of the FMR. While the median home value indicates an affordable entry point, the quick sales and low price-cut share suggest a competitive landscape for acquiring properties. Tenant demand exists but is not robust, considering the population and renter share. Landlords and small-portfolio investors should proceed with caution, carefully assessing the local market dynamics before making investment 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.