Location: Huntington County, IN | Metro: Wells County, 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 | $820 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $103,331 | 1.07% | B |
| 3BR | $1,450 | $159,240 | 0.91% | C |
| 4BR | $1,630 | $215,131 | 0.76% | D |
U.S. Census Bureau data (2024)
The ZIP code 46991, located in Van Buren, Indiana, within Grant County, stands out due to its unique demographic and economic characteristics. With a population of 1,594 residents, it has a relatively low percentage of renters at 21.9%, which is indicative of a community where homeownership is more prevalent. The median household income in this area is $47,692, and the median home value is notably high at $154,155, reflecting a stable local economy.
Moving into the specifics of Section 8 housing economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,040. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher tenant. However, the current market rent, as per the Census American Community Survey (ACS), is $918. This discrepancy suggests that landlords participating in the Section 8 program could potentially benefit from a higher rental rate compared to the current market conditions.
Given the data signature of ZIP 46991, the overall picture is one of stability. The high median home value combined with a reasonable median income indicates a balanced market where both renters and owners can find affordable housing options. The slightly higher FMR for Section 8 vouchers compared to the market rent provides a positive outlook for landlords, ensuring they receive a fair rental price while still maintaining affordability for tenants. This combination of factors points towards a stable environment for real estate investment, particularly for those considering participation in the Section 8 program.
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.