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Lake County/Gary/46406

46406

ZIPSAFMR
Lake County, IN
Zillow

ZIP Investment Score

129Above average

095130300
BRFMR
Eff. Rent
0 BR$980$1,000
1 BR$1,040$1,060
2 BR$1,260$1,220
3 BR$1,530$1,610
4 BR$1,670$1,560
5 BR$1,920Not available
6 BR$2,209Not available
7 BR$2,540Not available
8 BR$2,921Not available

Purchase Price Calculator

Maximum purchase price
$119,375

Cost breakdown

+Likely effective rent$1,220
HUD FMR$1,260
Market rentUsed$1,220
Est. payment standard (98%)$1,230
-Principal and interest-$604
Loan amount$95,500
Down payment$23,875
Rate6.50%
Term30 years
-Operating costs-$416
Property taxes-$119
Insurance-$175
Utilities$0
HOA$0
Management-$122
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,800(82.9% ROI)
Projected value
$128,554
Return breakdown
Property appreciation+$9,179
Loan principal paid down+$3,422
Rental cash flow+$7,200
5-year hold
+$33,788(141.5% ROI)
Projected value
$135,062
Return breakdown
Property appreciation+$15,687
Loan principal paid down+$6,102
Rental cash flow+$12,000
10-year hold
+$71,974(301.5% ROI)
Projected value
$152,810
Return breakdown
Property appreciation+$33,435
Loan principal paid down+$14,539
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.97
1 BR
0.97
2 BR
1.03
3 BR
0.92
4 BR
1.07
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46406 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46406 (Gary, IN) is $1,260 a month. That is up 7.7% from $1,170 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, 46406 is tied for the 28th-highest two-bedroom rent (county range $1,140–$1,880). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46406 is 16% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46406
BedroomsFY 2027Change90–110% range
Studio$980+15.3%$882–$1,078
1BR$1,040+8.3%$936–$1,144
2BR$1,260+7.7%$1,134–$1,386
3BR$1,530+7.0%$1,377–$1,683
4BR$1,670+7.7%$1,503–$1,837

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46406
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$980$1,040$1,260$1,530$1,670
FY 2026$850$960$1,170$1,430$1,550
FY 2025$780$890$1,080$1,330$1,430
FY 2024$780$920$1,120$1,370$1,490
FY 2023$610$730$900$1,100$1,220

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46406
46394$1,230−2.4%
46401$1,420+12.7%
46402$1,2600.0%
46403$1,220−3.2%
46404$1,300+3.2%
46405$1,460+15.9%
46406Current$1,260—
46407$1,150−8.7%
46408$1,330+5.6%
46409$1,490+18.3%
46410$1,760+39.7%
46411$1,420+12.7%

Questions about ZIP 46406 rents

How much will Section 8 pay for a two-bedroom in ZIP 46406?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,260, that basic range is $1,134 to $1,386 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 46406 in?

ZIP 46406 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 46406 for FY 2027?

The two-bedroom FMR rose 7.7%, from $1,170 in FY 2026 to $1,260 in FY 2027. Since FY 2023 it has risen 40.0%.

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