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Porter County/Valparaiso/46385

46385

ZIPSAFMR
Porter County, IN
Zillow

ZIP Investment Score

71Below average

095130300
BRFMR
Eff. Rent
0 BR$1,240$990
1 BR$1,310$1,100
2 BR$1,590$1,360
3 BR$1,940$1,850
4 BR$2,110$2,230
5 BR$2,427Not available
6 BR$2,790Not available
7 BR$3,209Not available
8 BR$3,690Not available

Purchase Price Calculator

Maximum purchase price
$140,179

Cost breakdown

+Likely effective rent$1,360
HUD FMR$1,590
Market rentUsed$1,360
Est. payment standard (91%)$1,440
-Principal and interest-$709
Loan amount$112,143
Down payment$28,036
Rate6.50%
Term30 years
-Operating costs-$451
Property taxes-$140
Insurance-$175
Utilities$0
HOA$0
Management-$136
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,996(78.5% ROI)
Projected value
$150,957
Return breakdown
Property appreciation+$10,778
Loan principal paid down+$4,018
Rental cash flow+$7,200
5-year hold
+$37,586(134.1% ROI)
Projected value
$158,600
Return breakdown
Property appreciation+$18,421
Loan principal paid down+$7,165
Rental cash flow+$12,000
10-year hold
+$80,334(286.5% ROI)
Projected value
$179,441
Return breakdown
Property appreciation+$39,262
Loan principal paid down+$17,073
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.25
1 BR
1.19
2 BR
1.17
3 BR
1.05
4 BR
0.92
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46385 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46385 (Valparaiso, IN) is $1,590 a month. That is up 8.2% from $1,470 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, 46385 has the 3rd-highest two-bedroom rent (county range $1,130–$2,020). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46385 is 46% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46385
BedroomsFY 2027Change90–110% range
Studio$1,240+15.9%$1,116–$1,364
1BR$1,310+8.3%$1,179–$1,441
2BR$1,590+8.2%$1,431–$1,749
3BR$1,940+7.8%$1,746–$2,134
4BR$2,110+8.2%$1,899–$2,321

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46385
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,240$1,310$1,590$1,940$2,110
FY 2026$1,070$1,210$1,470$1,800$1,950
FY 2025$960$1,100$1,340$1,650$1,780
FY 2024$980$1,150$1,410$1,730$1,880
FY 2023$740$900$1,100$1,350$1,500

Two-bedroom rent in nearby Porter County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46385
46342$1,430−10.1%
46347$1,130−28.9%
46348$1,360−14.5%
46360$1,240−22.0%
46368$1,480−6.9%
46383$1,470−7.5%
46384$1,480−6.9%
46385Current$1,590—
46391$1,560−1.9%
46393$1,490−6.3%
46403$1,220−23.3%
46405$1,460−8.2%

Questions about ZIP 46385 rents

How much will Section 8 pay for a two-bedroom in ZIP 46385?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,590, that basic range is $1,431 to $1,749 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 46385 in?

ZIP 46385 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 46385 for FY 2027?

The two-bedroom FMR rose 8.2%, from $1,470 in FY 2026 to $1,590 in FY 2027. Since FY 2023 it has risen 44.5%.

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