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St. Joseph County/South Bend/46626

46626

ZIPFMR
St. Joseph County, IN
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$937$930
1 BR$1,093$970
2 BR$1,276$1,190
3 BR$1,545$1,500
4 BR$1,677$1,580
5 BR$1,929Not available
6 BR$2,218Not available
7 BR$2,551Not available
8 BR$2,933Not available

Purchase Price Calculator

Maximum purchase price
$114,917

Cost breakdown

+Likely effective rent$1,190
HUD FMR$1,276
Market rentUsed$1,190
Est. payment standard (96%)$1,220
-Principal and interest-$581
Loan amount$91,934
Down payment$22,983
Rate6.50%
Term30 years
-Operating costs-$409
Property taxes-$115
Insurance-$175
Utilities$0
HOA$0
Management-$119
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,330(84.1% ROI)
Projected value
$123,753
Return breakdown
Property appreciation+$8,836
Loan principal paid down+$3,294
Rental cash flow+$7,200
5-year hold
+$32,975(143.5% ROI)
Projected value
$130,018
Return breakdown
Property appreciation+$15,101
Loan principal paid down+$5,874
Rental cash flow+$12,000
10-year hold
+$70,182(305.4% ROI)
Projected value
$147,103
Return breakdown
Property appreciation+$32,186
Loan principal paid down+$13,996
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.01
1 BR
1.13
2 BR
1.07
3 BR
1.03
4 BR
1.06
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 46626 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 46626 (South Bend, IN) is $1,276 a month. That is down 1.2% from $1,292 in FY 2026. South Bend is in the South Bend-Mishawaka, IN HUD Metro FMR Area. The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46626 is 18% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46626
BedroomsFY 2027Change90–110% range
Studio$937+4.3%$843–$1,031
1BR$1,093−1.1%$984–$1,202
2BR$1,276−1.2%$1,148–$1,404
3BR$1,545−1.4%$1,391–$1,700
4BR$1,677−2.0%$1,509–$1,845

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46626
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$937$1,093$1,276$1,545$1,677
FY 2026$898$1,105$1,292$1,567$1,711
FY 2025$751$936$1,095$1,350$1,452
FY 2024$689$862$1,017$1,267$1,354
FY 2023$755$923$1,099$1,397$1,476

Questions about ZIP 46626 rents

How much will Section 8 pay for a two-bedroom in ZIP 46626?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,276, that basic range is $1,148 to $1,404 a month. 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 46626 in?

ZIP 46626 is in the South Bend-Mishawaka, IN HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in ZIP 46626 for FY 2027?

The two-bedroom FMR fell 1.2%, from $1,292 in FY 2026 to $1,276 in FY 2027. Since FY 2023 it has risen 16.1%.

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 Fair Market Rents. 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