St. Joseph County/South Bend/46619

46619

ZIPSAFMR

St. Joseph County, IN

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ZIP Investment Score

149High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$870	$960	8.6%
1 BR	$1,020	$1,030	6.7%
2 BR	$1,190	$1,140	6.3%
3 BR	$1,440	$1,370	4.6%
4 BR	$1,560	$1,550	5.5%
5 BR	$1,794	Not available	5.5%
6 BR	$2,063	Not available	5.5%
7 BR	$2,373	Not available	5.5%
8 BR	$2,728	Not available	5.5%

Purchase Price Calculator

Maximum purchase price

$107,487

Cost breakdown

+Likely effective rent$1,140

HUD FMR$1,190

Market rentUsed$1,140

Est. payment standard (97%)$1,160

-Principal and interest-$544

Loan amount$85,990

Down payment$21,497

Rate6.50%

Term30 years

-Operating costs-$396

Property taxes-$107

Insurance-$175

Utilities$0

HOA$0

Management-$114

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$18,546(86.3% ROI)

Projected value

$115,752

Return breakdown

Property appreciation+$8,265

Loan principal paid down+$3,081

Rental cash flow+$7,200

5-year hold

+$31,619(147.1% ROI)

Projected value

$121,612

Return breakdown

Property appreciation+$14,125

Loan principal paid down+$5,494

Rental cash flow+$12,000

10-year hold

+$67,196(312.6% ROI)

Projected value

$137,592

Return breakdown

Property appreciation+$30,105

Loan principal paid down+$13,091

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.85ratio

FMR$870

Market$1,020

vs market-$150

FMR is below market; voucher rent may lag private rents.

0.85

1 BR

0.98ratio

FMR$1,020

Market$1,040

vs market-$20

FMR is near market; voucher and private rents are aligned.

0.98

2 BR

1.04ratio

FMR$1,190

Market$1,140

vs market+$50

FMR is near market; voucher and private rents are aligned.

1.04

3 BR

1.05ratio

FMR$1,440

Market$1,370

vs market+$70

FMR is near market; voucher and private rents are aligned.

1.05

4 BR

1.01ratio

FMR$1,560

Market$1,550

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.01

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 46619 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46619 (South Bend, IN) is $1,190 a month. That is unchanged from 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, 46619 has the 19th-highest two-bedroom rent (county range $1,170–$1,910). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46619 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46619
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$830	$870	+4.8%	$783–$957
1BR	$1,020	$1,020	0.0%	$918–$1,122
2BR	$1,190	$1,190	0.0%	$1,071–$1,309
3BR	$1,440	$1,440	0.0%	$1,296–$1,584
4BR	$1,580	$1,560	−1.3%	$1,404–$1,716

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46619
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$870	$1,020	$1,190	$1,440	$1,560
FY 2026	$830	$1,020	$1,190	$1,440	$1,580
FY 2025	$700	$870	$1,020	$1,260	$1,350
FY 2024	$680	$840	$990	$1,260	$1,330
FY 2023	$730	$890	$1,060	$1,350	$1,420

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

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 46619
46601	$1,170	−1.7%
46613	$1,220	+2.5%
46614	$1,170	−1.7%
46615	$1,180	−0.8%
46616	$1,280	+7.6%
46617	$1,770	+48.7%
46619Current	$1,190	—
46624	$1,210	+1.7%
46628	$1,310	+10.1%
46634	$1,280	+7.6%
46635	$1,170	−1.7%
46637	$1,420	+19.3%

Questions about ZIP 46619 rents

How much will Section 8 pay for a two-bedroom in ZIP 46619?

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 $1,190 it would be $1,071 to $1,309. 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 46619 in?

ZIP 46619 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 46619 for FY 2027?

The two-bedroom FMR was unchanged at $1,190 in FY 2027. Since FY 2023 it has risen 12.3%.

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 rent South Bend, IN fair market rent IN statewide rents What is SAFMR?Data sources