Skip to main content
Loading page
St. Joseph County/South Bend/46635

46635

ZIPSAFMR
St. Joseph County, IN
Zillow

ZIP Investment Score

113Above average

095130300
BRFMR
Eff. Rent
0 BR$850$940
1 BR$1,000$1,070
2 BR$1,170$1,260
3 BR$1,420$1,560
4 BR$1,540$1,690
5 BR$1,771Not available
6 BR$2,037Not available
7 BR$2,342Not available
8 BR$2,693Not available

Purchase Price Calculator

Maximum purchase price
$125,319

Cost breakdown

+Likely effective rent$1,260
HUD FMR$1,170
Market rent$1,310
Est. payment standard (108%)Used$1,260
-Principal and interest-$634
Loan amount$100,255
Down payment$25,064
Rate6.50%
Term30 years
-Operating costs-$426
Property taxes-$125
Insurance-$175
Utilities$0
HOA$0
Management-$126
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,428(81.5% ROI)
Projected value
$134,955
Return breakdown
Property appreciation+$9,636
Loan principal paid down+$3,592
Rental cash flow+$7,200
5-year hold
+$34,873(139.1% ROI)
Projected value
$141,787
Return breakdown
Property appreciation+$16,468
Loan principal paid down+$6,405
Rental cash flow+$12,000
10-year hold
+$74,363(296.7% ROI)
Projected value
$160,419
Return breakdown
Property appreciation+$35,100
Loan principal paid down+$15,263
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.82
1 BR
0.91
2 BR
0.89
3 BR
0.81
4 BR
0.71
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46635 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46635 (South Bend, IN) is $1,170 a month. That is down 2.5% from $1,200 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, 46635 is tied for the 21st-highest two-bedroom rent (county range $1,170–$1,910). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46635 is 8% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46635
BedroomsFY 2027Change90–110% range
Studio$850+2.4%$765–$935
1BR$1,000−2.9%$900–$1,100
2BR$1,170−2.5%$1,053–$1,287
3BR$1,420−2.7%$1,278–$1,562
4BR$1,540−3.1%$1,386–$1,694

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46635
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$850$1,000$1,170$1,420$1,540
FY 2026$830$1,030$1,200$1,460$1,590
FY 2025$690$850$1,000$1,230$1,330
FY 2024$690$840$990$1,260$1,340
FY 2023$760$920$1,100$1,400$1,480

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

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46635
46613$1,220+4.3%
46614$1,1700.0%
46615$1,180+0.9%
46616$1,280+9.4%
46617$1,770+51.3%
46619$1,190+1.7%
46624$1,210+3.4%
46628$1,310+12.0%
46634$1,280+9.4%
46635Current$1,170—
46637$1,420+21.4%
46660$1,280+9.4%

Questions about ZIP 46635 rents

How much will Section 8 pay for a two-bedroom in ZIP 46635?

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 $1,170 it would be $1,053 to $1,287. 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 46635 in?

ZIP 46635 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 46635 for FY 2027?

The two-bedroom FMR fell 2.5%, from $1,200 in FY 2026 to $1,170 in FY 2027. Since FY 2023 it has risen 6.4%.

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