FMR is near market; voucher and private rents are aligned.
1.07
3 BR
3 BR
0.87ratio
FMR$1,800
Market$2,070
vs market-$270
FMR is below market; voucher rent may lag private rents.
0.87
4 BR
4 BR
0.79ratio
FMR$1,970
Market$2,480
vs market-$510
FMR is below market; voucher rent may lag private rents.
0.79
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 46384 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46384 (Valparaiso, IN) is $1,480 a month. That is up 8.8% from $1,360 in FY 2026. Valparaiso 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 17 ZIP codes in Porter County, 46384 is tied for the 7th-highest two-bedroom rent (county range $1,130–$2,020). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46384 is 36% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46384
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$990
$1,160
+17.2%
$1,044–$1,276
1BR
$1,120
$1,220
+8.9%
$1,098–$1,342
2BR
$1,360
$1,480
+8.8%
$1,332–$1,628
3BR
$1,660
$1,800
+8.4%
$1,620–$1,980
4BR
$1,800
$1,970
+9.4%
$1,773–$2,167
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46384
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,160
$1,220
$1,480
$1,800
$1,970
FY 2026
$990
$1,120
$1,360
$1,660
$1,800
FY 2025
$880
$1,010
$1,230
$1,520
$1,630
FY 2024
$890
$1,060
$1,290
$1,580
$1,720
FY 2023
$690
$830
$1,020
$1,250
$1,390
Two-bedroom rent in nearby Porter County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46384?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,480, that basic range is $1,332 to $1,628 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 46384 in?
ZIP 46384 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 46384 for FY 2027?
The two-bedroom FMR rose 8.8%, from $1,360 in FY 2026 to $1,480 in FY 2027. Since FY 2023 it has risen 45.1%.
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