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St. Joseph County/South Bend/46617

46617

ZIPSAFMR
St. Joseph County, IN
Zillow

ZIP Investment Score

87Below average

095130300
BRFMR
Eff. Rent
0 BR$1,300$970
1 BR$1,520$980
2 BR$1,770$1,280
3 BR$2,140$1,610
4 BR$2,330$1,920
5 BR$2,680Not available
6 BR$3,081Not available
7 BR$3,544Not available
8 BR$4,075Not available

Purchase Price Calculator

Maximum purchase price
$128,291

Cost breakdown

+Likely effective rent$1,280
HUD FMR$1,770
Market rentUsed$1,280
Est. payment standard (90%)$1,590
-Principal and interest-$649
Loan amount$102,633
Down payment$25,658
Rate6.50%
Term30 years
-Operating costs-$431
Property taxes-$128
Insurance-$175
Utilities$0
HOA$0
Management-$128
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,741(80.8% ROI)
Projected value
$138,155
Return breakdown
Property appreciation+$9,864
Loan principal paid down+$3,677
Rental cash flow+$7,200
5-year hold
+$35,416(138.0% ROI)
Projected value
$145,149
Return breakdown
Property appreciation+$16,858
Loan principal paid down+$6,557
Rental cash flow+$12,000
10-year hold
+$75,557(294.5% ROI)
Projected value
$164,223
Return breakdown
Property appreciation+$35,932
Loan principal paid down+$15,625
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.34
1 BR
1.55
2 BR
1.38
3 BR
1.33
4 BR
1.21
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46617 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46617 (South Bend, IN) is $1,770 a month. That is down 0.6% from $1,780 in FY 2026. South Bend 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, 46617 has the 2nd-highest two-bedroom rent (county range $1,170–$1,910). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46617 is 63% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46617
BedroomsFY 2027Change90–110% range
Studio$1,300+4.8%$1,170–$1,430
1BR$1,5200.0%$1,368–$1,672
2BR$1,770−0.6%$1,593–$1,947
3BR$2,140−0.9%$1,926–$2,354
4BR$2,330−1.3%$2,097–$2,563

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46617
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,300$1,520$1,770$2,140$2,330
FY 2026$1,240$1,520$1,780$2,160$2,360
FY 2025$1,030$1,280$1,500$1,850$1,990
FY 2024$920$1,140$1,350$1,680$1,800
FY 2023$1,000$1,230$1,460$1,860$1,960

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

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46617
46601$1,170−33.9%
46613$1,220−31.1%
46614$1,170−33.9%
46615$1,180−33.3%
46616$1,280−27.7%
46617Current$1,770—
46619$1,190−32.8%
46624$1,210−31.6%
46628$1,310−26.0%
46634$1,280−27.7%
46635$1,170−33.9%
46637$1,420−19.8%

Questions about ZIP 46617 rents

How much will Section 8 pay for a two-bedroom in ZIP 46617?

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 $1,770 it would be $1,593 to $1,947. 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 46617 in?

ZIP 46617 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 46617 for FY 2027?

The two-bedroom FMR fell 0.6%, from $1,780 in FY 2026 to $1,770 in FY 2027. Since FY 2023 it has risen 21.2%.

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