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Lake County/Gary/46404

46404

ZIPSAFMR
Lake County, IN
Zillow

ZIP Investment Score

129Above average

095130300
BRFMR
Eff. Rent
0 BR$1,020$1,060
1 BR$1,070$1,020
2 BR$1,300$1,190
3 BR$1,580$1,610
4 BR$1,730$1,590
5 BR$1,989Not available
6 BR$2,288Not available
7 BR$2,631Not available
8 BR$3,026Not available

Purchase Price Calculator

Maximum purchase price
$114,917

Cost breakdown

+Likely effective rent$1,190
HUD FMR$1,300
Market rentUsed$1,190
Est. payment standard (95%)$1,230
-Principal and interest-$581
Loan amount$91,934
Down payment$22,983
Rate6.50%
Term30 years
-Operating costs-$409
Property taxes-$115
Insurance-$175
Utilities$0
HOA$0
Management-$119
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,330(84.1% ROI)
Projected value
$123,753
Return breakdown
Property appreciation+$8,836
Loan principal paid down+$3,294
Rental cash flow+$7,200
5-year hold
+$32,975(143.5% ROI)
Projected value
$130,018
Return breakdown
Property appreciation+$15,101
Loan principal paid down+$5,874
Rental cash flow+$12,000
10-year hold
+$70,182(305.4% ROI)
Projected value
$147,103
Return breakdown
Property appreciation+$32,186
Loan principal paid down+$13,996
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.94
1 BR
1.05
2 BR
1.09
3 BR
0.98
4 BR
1.09
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46404 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46404 (Gary, IN) is $1,300 a month. That is up 8.3% from $1,200 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, 46404 is tied for the 26th-highest two-bedroom rent (county range $1,140–$1,880). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46404 is 20% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46404
BedroomsFY 2027Change90–110% range
Studio$1,020+17.2%$918–$1,122
1BR$1,070+8.1%$963–$1,177
2BR$1,300+8.3%$1,170–$1,430
3BR$1,580+7.5%$1,422–$1,738
4BR$1,730+8.8%$1,557–$1,903

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46404
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,020$1,070$1,300$1,580$1,730
FY 2026$870$990$1,200$1,470$1,590
FY 2025$800$920$1,120$1,380$1,480
FY 2024$810$960$1,170$1,440$1,560
FY 2023$630$760$930$1,140$1,270

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46404
46394$1,230−5.4%
46401$1,420+9.2%
46402$1,260−3.1%
46403$1,220−6.2%
46404Current$1,300—
46405$1,460+12.3%
46406$1,260−3.1%
46407$1,150−11.5%
46408$1,330+2.3%
46409$1,490+14.6%
46410$1,760+35.4%
46411$1,420+9.2%

Questions about ZIP 46404 rents

How much will Section 8 pay for a two-bedroom in ZIP 46404?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,300, that basic range is $1,170 to $1,430 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 46404 in?

ZIP 46404 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 46404 for FY 2027?

The two-bedroom FMR rose 8.3%, from $1,200 in FY 2026 to $1,300 in FY 2027. Since FY 2023 it has risen 39.8%.

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