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St. Joseph County/South Bend/46637

46637

ZIPSAFMR
St. Joseph County, IN
Zillow

ZIP Investment Score

117Above average

095130300
BRFMR
Eff. Rent
0 BR$1,040$1,070
1 BR$1,220$1,110
2 BR$1,420$1,320
3 BR$1,720$1,600
4 BR$1,870$1,990
5 BR$2,151Not available
6 BR$2,473Not available
7 BR$2,844Not available
8 BR$3,271Not available

Purchase Price Calculator

Maximum purchase price
$134,235

Cost breakdown

+Likely effective rent$1,320
HUD FMR$1,420
Market rentUsed$1,320
Est. payment standard (95%)$1,360
-Principal and interest-$679
Loan amount$107,388
Down payment$26,847
Rate6.50%
Term30 years
-Operating costs-$441
Property taxes-$134
Insurance-$175
Utilities$0
HOA$0
Management-$132
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,369(79.6% ROI)
Projected value
$144,556
Return breakdown
Property appreciation+$10,321
Loan principal paid down+$3,847
Rental cash flow+$7,200
5-year hold
+$36,501(136.0% ROI)
Projected value
$151,875
Return breakdown
Property appreciation+$17,640
Loan principal paid down+$6,861
Rental cash flow+$12,000
10-year hold
+$77,946(290.3% ROI)
Projected value
$171,832
Return breakdown
Property appreciation+$37,597
Loan principal paid down+$16,349
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.95
1 BR
1.10
2 BR
1.08
3 BR
1.07
4 BR
0.91
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46637 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46637 (South Bend, IN) is $1,420 a month. That is down 1.4% from $1,440 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, 46637 is tied for the 3rd-highest two-bedroom rent (county range $1,170–$1,910). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46637 is 31% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46637
BedroomsFY 2027Change90–110% range
Studio$1,040+4.0%$936–$1,144
1BR$1,220−0.8%$1,098–$1,342
2BR$1,420−1.4%$1,278–$1,562
3BR$1,720−1.7%$1,548–$1,892
4BR$1,870−2.1%$1,683–$2,057

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46637
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,040$1,220$1,420$1,720$1,870
FY 2026$1,000$1,230$1,440$1,750$1,910
FY 2025$840$1,040$1,220$1,500$1,620
FY 2024$770$960$1,130$1,410$1,500
FY 2023$840$1,020$1,220$1,550$1,640

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

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46637
46613$1,220−14.1%
46614$1,170−17.6%
46615$1,180−16.9%
46616$1,280−9.9%
46617$1,770+24.6%
46619$1,190−16.2%
46624$1,210−14.8%
46628$1,310−7.7%
46634$1,280−9.9%
46635$1,170−17.6%
46637Current$1,420—
46660$1,280−9.9%

Questions about ZIP 46637 rents

How much will Section 8 pay for a two-bedroom in ZIP 46637?

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 $1,420 it would be $1,278 to $1,562. 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 46637 in?

ZIP 46637 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 46637 for FY 2027?

The two-bedroom FMR fell 1.4%, from $1,440 in FY 2026 to $1,420 in FY 2027. Since FY 2023 it has risen 16.4%.

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