Section 8 Fair Market Rent (FMR) for ZIP 47951 - 2027

Location: Gary, IN | Metro: Gary, IN HUD Metro FMR Area

Investment Score for ZIP 47951

Monthly Rent (2BR)

$1,070

Median Price (2BR)

$122,104

1% Rule

0.88%

Annual Yield

10.52%

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	$840
1 Bedroom	$880
2 Bedrooms	$1,070
3 Bedrooms	$1,300
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

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	$1,070	$122,104	0.88%	C
3BR	$1,300	$182,891	0.71%	D
4BR	$1,420	$215,459	0.66%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,279

Median Household Income

$66,156

Housing Units

1,181

Renter Percentage

17.8%

Occupancy Rate

91.6%

Renter Occupied

193

Kentland, IN, located in the heart of Indiana, offers a stable environment for real estate investments, particularly for those interested in Section 8 housing. The area's modest size and suburban setting make it an attractive market for landlords and small-portfolio investors looking for consistent returns without the volatility often seen in larger urban centers.

The Fair Market Rent (FMR) for Kentland, IN, for the fiscal year 2024 is set at $960, providing a benchmark for rental pricing that aligns with government assistance programs.
The market rent, as reported by the Census American Community Survey, stands at $847, indicating that properties priced around the FMR can attract both subsidized and unsubsidized tenants.
The median home value in Kentland, IN, is $172,205, offering investors a relatively affordable entry point into the real estate market.
Renters constitute 17.8% of the total population, suggesting a moderate demand for rental properties but also indicating potential competition from owner-occupied homes.
The median household income is $66,156, which supports a steady flow of Section 8 vouchers and other forms of rental subsidies.
The Days on Market (DOM) data is currently unavailable, which could indicate either a very efficient local real estate market or a lack of comprehensive tracking mechanisms.

Investors in Kentland, IN, should focus on properties that can be rented for close to the FMR of $960, as this will maximize their chances of attracting tenants eligible for Section 8 subsidies. With a median home value of $172,205, the cost of entry is reasonable, and the median income of $66,156 suggests a solid base of tenants able to meet voucher requirements. However, the relatively low renter share of 17.8% implies that there might be fewer rental opportunities compared to areas with higher renter populations, making strategic property selection critical. Despite the absence of DOM data, the overall economic stability and moderate demand for rentals make Kentland a viable option for those seeking long-term, predictable returns in real estate.

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.