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LaGrange County/Shipshewana/46565

46565

ZIPSAFMR
LaGrange County, IN
Zillow

ZIP Investment Score

65Below average

095130300
BRFMR
Eff. Rent
0 BR$880$880
1 BR$900$900
2 BR$1,070$1,070
3 BR$1,400$1,400
4 BR$1,430$1,430
5 BR$1,644Not available
6 BR$1,891Not available
7 BR$2,175Not available
8 BR$2,501Not available

Purchase Price Calculator

Maximum purchase price
$97,085

Cost breakdown

+Likely effective rent$1,070
HUD FMRUsed$1,070
Market rentN/A
Est. payment standardN/A
-Principal and interest-$491
Loan amount$77,668
Down payment$19,417
Rate6.50%
Term30 years
-Operating costs-$379
Property taxes-$97
Insurance-$175
Utilities$0
HOA$0
Management-$107
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$17,448(89.9% ROI)
Projected value
$104,550
Return breakdown
Property appreciation+$7,465
Loan principal paid down+$2,783
Rental cash flow+$7,200
5-year hold
+$29,720(153.1% ROI)
Projected value
$109,843
Return breakdown
Property appreciation+$12,758
Loan principal paid down+$4,962
Rental cash flow+$12,000
10-year hold
+$63,016(324.5% ROI)
Projected value
$124,277
Return breakdown
Property appreciation+$27,192
Loan principal paid down+$11,824
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
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Mortgage rate
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ZIP 46565 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46565 (Shipshewana, IN) is $1,070 a month. That is up 11.5% from $960 in FY 2026. Shipshewana is in the LaGrange County, IN non-metropolitan 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 county-wide two-bedroom FMR of $1,039. Among 16 ZIP codes in LaGrange County, 46565 is tied for the 10th-highest two-bedroom rent (county range $1,010–$1,340). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46565 is 1% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46565
BedroomsFY 2027Change90–110% range
Studio$880+14.3%$792–$968
1BR$900+13.9%$810–$990
2BR$1,070+11.5%$963–$1,177
3BR$1,400+12.9%$1,260–$1,540
4BR$1,430+12.6%$1,287–$1,573

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46565
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$880$900$1,070$1,400$1,430
FY 2026$770$790$960$1,240$1,270
FY 2025$770$800$1,000$1,280$1,330
FY 2024$690$720$900$1,160$1,200
FY 2023$740$770$990$1,270$1,330

Two-bedroom rent in nearby LaGrange County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46565
46528$1,270+18.7%
46540$1,340+25.2%
46543$1,270+18.7%
46565Current$1,070—
46571$1,120+4.7%
46703$1,0700.0%
46746$1,060−0.9%
46747$1,130+5.6%
46761$1,010−5.6%
46767$1,080+0.9%
46771$1,040−2.8%
46776$1,160+8.4%

Questions about ZIP 46565 rents

How much will Section 8 pay for a two-bedroom in ZIP 46565?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,039, which applies unless the housing authority uses Small Area FMRs, that basic range is $935 to $1,143 a month; under the ZIP-level Small Area FMR of $1,070 it would be $963 to $1,177. 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 46565 in?

ZIP 46565 is in the LaGrange County, IN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,039.

How much did fair market rent change in ZIP 46565 for FY 2027?

The two-bedroom FMR rose 11.5%, from $960 in FY 2026 to $1,070 in FY 2027. Since FY 2023 it has risen 8.1%.

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