46401

ZIPSAFMR

Lake County, IN

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,110	$1,020	8.5%
1 BR	$1,170	$1,010	4.7%
2 BR	$1,420	$1,130	4.3%
3 BR	$1,730	$1,370	4.2%
4 BR	$1,890	$1,500	4.2%
5 BR	$2,174	Not available	4.2%
6 BR	$2,500	Not available	4.2%
7 BR	$2,874	Not available	4.2%
8 BR	$3,306	Not available	4.2%

Purchase Price Calculator

Maximum purchase price

$106,001

Cost breakdown

+Likely effective rent$1,130

HUD FMR$1,420

Market rentUsed$1,130

Est. payment standard (90%)$1,280

-Principal and interest-$536

Loan amount$84,801

Down payment$21,200

Rate6.50%

Term30 years

-Operating costs-$394

Property taxes-$106

Insurance-$175

Utilities$0

HOA$0

Management-$113

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$18,389(86.7% ROI)

Projected value

$114,152

Return breakdown

Property appreciation+$8,150

Loan principal paid down+$3,038

Rental cash flow+$7,200

5-year hold

+$31,347(147.9% ROI)

Projected value

$119,930

Return breakdown

Property appreciation+$13,929

Loan principal paid down+$5,418

Rental cash flow+$12,000

10-year hold

+$66,599(314.1% ROI)

Projected value

$135,690

Return breakdown

Property appreciation+$29,689

Loan principal paid down+$12,910

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.09ratio

FMR$1,110

Market$1,020

vs market+$90

FMR is near market; voucher and private rents are aligned.

1.09

1 BR

1.16ratio

FMR$1,170

Market$1,010

vs market+$160

FMR is above market; underwrite to market rent.

1.16

2 BR

1.26ratio

FMR$1,420

Market$1,130

vs market+$290

FMR is above market; underwrite to market rent.

1.26

3 BR

1.26ratio

FMR$1,730

Market$1,370

vs market+$360

FMR is above market; underwrite to market rent.

1.26

4 BR

1.26ratio

FMR$1,890

Market$1,500

vs market+$390

FMR is above market; underwrite to market rent.

1.26

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 46401 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46401 (Gary, IN) is $1,420 a month. That is up 8.4% from $1,310 in FY 2026. Gary 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, 46401 is tied for the 18th-highest two-bedroom rent (county range $1,140–$1,880). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46401 is 31% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46401
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$950	$1,110	+16.8%	$999–$1,221
1BR	$1,080	$1,170	+8.3%	$1,053–$1,287
2BR	$1,310	$1,420	+8.4%	$1,278–$1,562
3BR	$1,600	$1,730	+8.1%	$1,557–$1,903
4BR	$1,730	$1,890	+9.2%	$1,701–$2,079

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46401
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,110	$1,170	$1,420	$1,730	$1,890
FY 2026	$950	$1,080	$1,310	$1,600	$1,730
FY 2025	$850	$980	$1,190	$1,470	$1,580
FY 2024	$870	$1,020	$1,250	$1,530	$1,670
FY 2023	$670	$810	$990	$1,220	$1,350

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 46401
46394	$1,230	−13.4%
46401Current	$1,420	—
46402	$1,260	−11.3%
46403	$1,220	−14.1%
46404	$1,300	−8.5%
46405	$1,460	+2.8%
46406	$1,260	−11.3%
46407	$1,150	−19.0%
46408	$1,330	−6.3%
46409	$1,490	+4.9%
46410	$1,760	+23.9%
46411	$1,420	0.0%

Questions about ZIP 46401 rents

How much will Section 8 pay for a two-bedroom in ZIP 46401?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,420, that basic range is $1,278 to $1,562 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 46401 in?

ZIP 46401 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 46401 for FY 2027?

The two-bedroom FMR rose 8.4%, from $1,310 in FY 2026 to $1,420 in FY 2027. Since FY 2023 it has risen 43.4%.

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 rent Gary, IN fair market rent IN statewide rents What is SAFMR?Data sources