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St. Joseph County/Osceola/46561

46561

ZIPSAFMR
St. Joseph County, IN
Zillow

ZIP Investment Score

99Above average

095130300
BRFMR
Eff. Rent
0 BR$1,060$1,110
1 BR$1,210$1,170
2 BR$1,420$1,270
3 BR$1,740$1,610
4 BR$1,880$2,070
5 BR$2,162Not available
6 BR$2,486Not available
7 BR$2,859Not available
8 BR$3,288Not available

Purchase Price Calculator

Maximum purchase price
$126,805

Cost breakdown

+Likely effective rent$1,270
HUD FMR$1,420
Market rentUsed$1,270
Est. payment standard (93%)$1,320
-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

Studio
0.94
1 BR
1.03
2 BR
1.12
3 BR
1.08
4 BR
0.79
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46561 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46561 (Osceola, IN) is $1,420 a month. That is up 2.2% from $1,390 in FY 2026. Osceola is in the South Bend-Mishawaka, IN HUD Metro FMR Area. 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 $1,276. Among 30 ZIP codes in St. Joseph County, 46561 is tied for the 3rd-highest two-bedroom rent (county range $1,170–$1,910). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46561 is 31% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46561
BedroomsFY 2027Change90–110% range
Studio$1,060+7.1%$954–$1,166
1BR$1,210+2.5%$1,089–$1,331
2BR$1,420+2.2%$1,278–$1,562
3BR$1,740+2.4%$1,566–$1,914
4BR$1,880+2.2%$1,692–$2,068

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46561
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,060$1,210$1,420$1,740$1,880
FY 2026$990$1,180$1,390$1,700$1,840
FY 2025$830$1,010$1,190$1,480$1,580
FY 2024$760$930$1,100$1,380$1,470
FY 2023$830$1,000$1,200$1,520$1,610

Two-bedroom rent in nearby St. Joseph County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46561
46536$1,170−17.6%
46544$1,240−12.7%
46545$1,350−4.9%
46546$1,280−9.9%
46550$1,170−17.6%
46552$1,260−11.3%
46554$1,170−17.6%
46556$1,370−3.5%
46561Current$1,420—
46563$1,170−17.6%
46573$1,290−9.2%
46574$1,170−17.6%

Questions about ZIP 46561 rents

How much will Section 8 pay for a two-bedroom in ZIP 46561?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,276, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,148 to $1,404 a month; under the ZIP-level Small Area FMR of $1,420 it would be $1,278 to $1,562. 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 46561 in?

ZIP 46561 is in the South Bend-Mishawaka, IN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,276.

How much did fair market rent change in ZIP 46561 for FY 2027?

The two-bedroom FMR rose 2.2%, from $1,390 in FY 2026 to $1,420 in FY 2027. Since FY 2023 it has risen 18.3%.

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