46851

ZIPSAFMR

Allen County, IN

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,030	$900	7.5%
1 BR	$1,030	$1,030	4.6%
2 BR	$1,250	$1,090	4.7%
3 BR	$1,540	$1,590	3.7%
4 BR	$1,680	$1,780	3.8%
5 BR	$1,932	Not available	3.8%
6 BR	$2,222	Not available	3.8%
7 BR	$2,555	Not available	3.9%
8 BR	$2,938	Not available	3.8%

Purchase Price Calculator

Maximum purchase price

$100,057

Cost breakdown

+Likely effective rent$1,090

HUD FMR$1,250

Market rentUsed$1,090

Est. payment standard (92%)$1,150

-Principal and interest-$506

Loan amount$80,046

Down payment$20,011

Rate6.50%

Term30 years

-Operating costs-$384

Property taxes-$100

Insurance-$175

Utilities$0

HOA$0

Management-$109

=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

+$17,761(88.8% ROI)

Projected value

$107,751

Return breakdown

Property appreciation+$7,693

Loan principal paid down+$2,868

Rental cash flow+$7,200

5-year hold

+$30,262(151.2% ROI)

Projected value

$113,205

Return breakdown

Property appreciation+$13,148

Loan principal paid down+$5,114

Rental cash flow+$12,000

10-year hold

+$64,210(320.9% ROI)

Projected value

$128,081

Return breakdown

Property appreciation+$28,024

Loan principal paid down+$12,186

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.14ratio

FMR$1,030

Market$900

vs market+$130

FMR is above market; underwrite to market rent.

1.14

1 BR

1.00ratio

FMR$1,030

Market$1,030

vs market+$0

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

1.00

2 BR

1.15ratio

FMR$1,250

Market$1,090

vs market+$160

FMR is above market; underwrite to market rent.

1.15

3 BR

0.95ratio

FMR$1,540

Market$1,620

vs market-$80

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

0.95

4 BR

0.92ratio

FMR$1,680

Market$1,830

vs market-$150

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

0.92

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 46851 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46851 (Fort Wayne, IN) is $1,250 a month. That is up 11.6% from $1,120 in FY 2026. Fort Wayne is in the Fort Wayne, IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 58 ZIP codes in Allen County, 46851 is tied for the 14th-highest two-bedroom rent (county range $1,010–$1,870). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46851 is 15% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46851
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$900	$1,030	+14.4%	$927–$1,133
1BR	$920	$1,030	+12.0%	$927–$1,133
2BR	$1,120	$1,250	+11.6%	$1,125–$1,375
3BR	$1,390	$1,540	+10.8%	$1,386–$1,694
4BR	$1,520	$1,680	+10.5%	$1,512–$1,848

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46851
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,030	$1,030	$1,250	$1,540	$1,680
FY 2026	$900	$920	$1,120	$1,390	$1,520
FY 2025	$940	$990	$1,200	$1,510	$1,630
FY 2024	$830	$900	$1,090	$1,380	$1,500
FY 2023	$660	$740	$910	$1,160	$1,260

Two-bedroom rent in nearby Allen County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 46851
46845	$1,740	+39.2%
46850	$1,250	0.0%
46851Current	$1,250	—
46852	$1,250	0.0%
46853	$1,250	0.0%
46854	$1,250	0.0%
46855	$1,250	0.0%
46856	$1,250	0.0%
46857	$1,250	0.0%
46858	$1,250	0.0%
46859	$1,250	0.0%
46860	$1,250	0.0%

Questions about ZIP 46851 rents

How much will Section 8 pay for a two-bedroom in ZIP 46851?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,250, that basic range is $1,125 to $1,375 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 46851 in?

ZIP 46851 is in the Fort Wayne, IN HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 46851 for FY 2027?

The two-bedroom FMR rose 11.6%, from $1,120 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has risen 37.4%.

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 rent Fort Wayne, IN fair market rent IN statewide rents What is SAFMR?Data sources