Section 8 Fair Market Rent (FMR) for ZIP 46982 - 2027

Location: Wabash County, IN | Metro: Fulton County, IN

Investment Score for ZIP 46982

Monthly Rent (2BR)

$1,190

Median Price (2BR)

$143,359

1% Rule

0.83%

Annual Yield

9.96%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$900
1 Bedroom	$910
2 Bedrooms	$1,190
3 Bedrooms	$1,440
4 Bedrooms	$1,570
5 Bedrooms	$1,821
6 Bedrooms	$2,040
7 Bedrooms	$2,203
8 Bedrooms	$2,313

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,190	$143,359	0.83%	C
3BR	$1,440	$239,000	0.6%	D
4BR	$1,570	$276,404	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,604

Median Household Income

$79,688

Housing Units

1,423

Renter Percentage

11.5%

Occupancy Rate

76.4%

Renter Occupied

125

Silver Lake, Indiana, located in ZIP code 46982, is a suburban community situated within the greater South Bend metropolitan area. This region offers a blend of rural charm and urban convenience, making it attractive for both homeowners and renters. The following analysis provides key insights into the real estate market dynamics of Silver Lake, focusing on rental properties and their financial viability.

The Fair Market Rent (FMR) for ZIP 46982 is set at $1,090 for the fiscal year 2026, reflecting the government's assessment of what constitutes a reasonable rental price in the area.
The market rent, as per the latest Census American Community Survey (ACS), stands at $1,159, indicating that the actual rental prices slightly exceed the FMR, suggesting a competitive market where landlords can potentially charge above the government's benchmark.
The median home value in Silver Lake is $184,796, which is indicative of the overall property values in the area and can influence rental rates and demand.
Renters make up 11.5% of the housing market in this ZIP code, highlighting a smaller but still significant segment of the population that relies on rental housing.
The median household income in Silver Lake is $79,688, providing insight into the economic conditions of the residents and their ability to afford higher rents.

In summary, the real estate market in Silver Lake, IN, presents a balanced opportunity for landlords and small-portfolio investors. With rental prices slightly above the FMR and a median home value that suggests stable property appreciation, there is potential for steady cash flow and capital growth. However, the relatively low renter share indicates a niche market, requiring careful tenant selection and property management to ensure occupancy rates. Given the median income levels, tenants have the financial capacity to meet higher rental costs, making the area suitable for investment in quality rental properties that can command premium rents.

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.