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Elkhart County/Millersburg/46543

46543

ZIPSAFMR
Elkhart County, IN
Zillow

ZIP Investment Score

80Below average

095130300
BRFMR
Eff. Rent
0 BR$1,000$1,000
1 BR$1,030$1,030
2 BR$1,270$1,270
3 BR$1,620$1,620
4 BR$1,740$1,740
5 BR$2,001Not available
6 BR$2,301Not available
7 BR$2,646Not available
8 BR$3,043Not available

Purchase Price Calculator

Maximum purchase price
$126,805

Cost breakdown

+Likely effective rent$1,270
HUD FMRUsed$1,270
Market rentN/A
Est. payment standardN/A
-Principal and interest-$641
Loan amount$101,444
Down payment$25,361
Rate6.50%
Term30 years
-Operating costs-$429
Property taxes-$127
Insurance-$175
Utilities$0
HOA$0
Management-$127
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,585(81.2% ROI)
Projected value
$136,555
Return breakdown
Property appreciation+$9,750
Loan principal paid down+$3,634
Rental cash flow+$7,200
5-year hold
+$35,144(138.6% ROI)
Projected value
$143,468
Return breakdown
Property appreciation+$16,663
Loan principal paid down+$6,481
Rental cash flow+$12,000
10-year hold
+$74,960(295.6% ROI)
Projected value
$162,321
Return breakdown
Property appreciation+$35,516
Loan principal paid down+$15,444
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 46543 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46543 (Millersburg, IN) is $1,270 a month. That is up 8.5% from $1,170 in FY 2026. Millersburg is in the Elkhart-Goshen, IN MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,253. Among 19 ZIP codes in Elkhart County, 46543 is tied for the 8th-highest two-bedroom rent (county range $1,070–$1,910). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46543 is 17% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46543
BedroomsFY 2027Change90–110% range
Studio$1,000+6.4%$900–$1,100
1BR$1,030+8.4%$927–$1,133
2BR$1,270+8.5%$1,143–$1,397
3BR$1,620+8.0%$1,458–$1,782
4BR$1,740+11.5%$1,566–$1,914

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46543
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,000$1,030$1,270$1,620$1,740
FY 2026$940$950$1,170$1,500$1,560
FY 2025$840$850$1,070$1,370$1,420
FY 2024$890$920$1,150$1,480$1,530
FY 2023$790$830$1,060$1,360$1,420

Two-bedroom rent in nearby Elkhart County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46543
46526$1,330+4.7%
46527$1,250−1.6%
46528$1,2700.0%
46530$1,910+50.4%
46540$1,340+5.5%
46542$1,200−5.5%
46543Current$1,270—
46550$1,170−7.9%
46553$1,230−3.1%
46561$1,420+11.8%
46565$1,070−15.7%
46567$1,130−11.0%

Questions about ZIP 46543 rents

How much will Section 8 pay for a two-bedroom in ZIP 46543?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,253, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,128 to $1,378 a month; under the ZIP-level Small Area FMR of $1,270 it would be $1,143 to $1,397. 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 46543 in?

ZIP 46543 is in the Elkhart-Goshen, IN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,253.

How much did fair market rent change in ZIP 46543 for FY 2027?

The two-bedroom FMR rose 8.5%, from $1,170 in FY 2026 to $1,270 in FY 2027. Since FY 2023 it has risen 19.8%.

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