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Lake County/Merrillville/46410

46410

ZIPSAFMR
Lake County, IN
Zillow

ZIP Investment Score

99Above average

095130300
BRFMR
Eff. Rent
0 BR$1,380$1,030
1 BR$1,450$1,240
2 BR$1,760$1,380
3 BR$2,140$1,800
4 BR$2,340$2,160
5 BR$2,691Not available
6 BR$3,095Not available
7 BR$3,559Not available
8 BR$4,093Not available

Purchase Price Calculator

Maximum purchase price
$143,151

Cost breakdown

+Likely effective rent$1,380
HUD FMR$1,760
Market rentUsed$1,380
Est. payment standard (90%)$1,580
-Principal and interest-$724
Loan amount$114,521
Down payment$28,630
Rate6.50%
Term30 years
-Operating costs-$456
Property taxes-$143
Insurance-$175
Utilities$0
HOA$0
Management-$138
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,310(77.9% ROI)
Projected value
$154,158
Return breakdown
Property appreciation+$11,007
Loan principal paid down+$4,103
Rental cash flow+$7,200
5-year hold
+$38,128(133.2% ROI)
Projected value
$161,962
Return breakdown
Property appreciation+$18,811
Loan principal paid down+$7,317
Rental cash flow+$12,000
10-year hold
+$81,529(284.8% ROI)
Projected value
$183,245
Return breakdown
Property appreciation+$40,094
Loan principal paid down+$17,434
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.34
1 BR
1.17
2 BR
1.28
3 BR
1.19
4 BR
1.08
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46410 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46410 (Merrillville, IN) is $1,760 a month. That is up 10.7% from $1,590 in FY 2026. Merrillville 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, 46410 has the 2nd-highest two-bedroom rent (county range $1,140–$1,880). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46410 is 62% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46410
BedroomsFY 2027Change90–110% range
Studio$1,380+19.0%$1,242–$1,518
1BR$1,450+10.7%$1,305–$1,595
2BR$1,760+10.7%$1,584–$1,936
3BR$2,140+9.7%$1,926–$2,354
4BR$2,340+10.9%$2,106–$2,574

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46410
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,380$1,450$1,760$2,140$2,340
FY 2026$1,160$1,310$1,590$1,950$2,110
FY 2025$1,030$1,190$1,440$1,770$1,910
FY 2024$1,050$1,240$1,520$1,870$2,030
FY 2023$850$1,020$1,250$1,530$1,700

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46410
46394$1,230−30.1%
46401$1,420−19.3%
46402$1,260−28.4%
46403$1,220−30.7%
46404$1,300−26.1%
46405$1,460−17.0%
46406$1,260−28.4%
46407$1,150−34.7%
46408$1,330−24.4%
46409$1,490−15.3%
46410Current$1,760—
46411$1,420−19.3%

Questions about ZIP 46410 rents

How much will Section 8 pay for a two-bedroom in ZIP 46410?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,760, that basic range is $1,584 to $1,936 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 46410 in?

ZIP 46410 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 46410 for FY 2027?

The two-bedroom FMR rose 10.7%, from $1,590 in FY 2026 to $1,760 in FY 2027. Since FY 2023 it has risen 40.8%.

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