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Lake County/Shelby/46377

46377

ZIPSAFMR
Lake County, IN
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$1,200$1,200
1 BR$1,270$1,270
2 BR$1,540$1,540
3 BR$1,870$1,870
4 BR$2,050$2,050
5 BR$2,358Not available
6 BR$2,711Not available
7 BR$3,118Not available
8 BR$3,585Not available

Purchase Price Calculator

Maximum purchase price
$166,927

Cost breakdown

+Likely effective rent$1,540
HUD FMRUsed$1,540
Market rentN/A
Est. payment standardN/A
-Principal and interest-$844
Loan amount$133,542
Down payment$33,385
Rate6.50%
Term30 years
-Operating costs-$496
Property taxes-$167
Insurance-$175
Utilities$0
HOA$0
Management-$154
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,820(74.3% ROI)
Projected value
$179,762
Return breakdown
Property appreciation+$12,835
Loan principal paid down+$4,784
Rental cash flow+$7,200
5-year hold
+$42,468(127.2% ROI)
Projected value
$188,862
Return breakdown
Property appreciation+$21,936
Loan principal paid down+$8,532
Rental cash flow+$12,000
10-year hold
+$91,084(272.8% ROI)
Projected value
$213,681
Return breakdown
Property appreciation+$46,754
Loan principal paid down+$20,330
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 46377 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46377 (Shelby, IN) is $1,540 a month. That is up 5.5% from $1,460 in FY 2026. Shelby is in the Gary, IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 34 ZIP codes in Lake County, 46377 is tied for the 7th-highest two-bedroom rent (county range $1,140–$1,880). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46377 is 42% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46377
BedroomsFY 2027Change90–110% range
Studio$1,200+13.2%$1,080–$1,320
1BR$1,270+5.8%$1,143–$1,397
2BR$1,540+5.5%$1,386–$1,694
3BR$1,870+4.5%$1,683–$2,057
4BR$2,050+6.2%$1,845–$2,255

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46377
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,200$1,270$1,540$1,870$2,050
FY 2026$1,060$1,200$1,460$1,790$1,930
FY 2025$1,000$1,140$1,390$1,710$1,840
FY 2024$1,010$1,170$1,440$1,780$1,920
FY 2023$800$960$1,180$1,450$1,600

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46377
46355$1,420−7.8%
46356$1,5400.0%
46368$1,480−3.9%
46373$1,490−3.2%
46375$1,610+4.5%
46376$1,340−13.0%
46377Current$1,540—
46394$1,230−20.1%
46401$1,420−7.8%
46402$1,260−18.2%
46403$1,220−20.8%
46404$1,300−15.6%

Questions about ZIP 46377 rents

How much will Section 8 pay for a two-bedroom in ZIP 46377?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,540, that basic range is $1,386 to $1,694 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 46377 in?

ZIP 46377 is in the Gary, IN HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 46377 for FY 2027?

The two-bedroom FMR rose 5.5%, from $1,460 in FY 2026 to $1,540 in FY 2027. Since FY 2023 it has risen 30.5%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentShelby, IN fair market rentIN statewide rentsWhat is SAFMR?Data sources