FY2027 Small Area FMR · Mishawaka, IN

ZIP 46545 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46545 (Mishawaka, IN) is $1,350 a month, up 1.5% from FY2026. That is 6% above the South Bend-Mishawaka, IN area-wide FMR of $1,276.

2-bedroom SAFMR$1,350per month ▲ 1.5%

Area-wide 2 BR FMR$1,276South Bend-Mishawaka, IN

Rank in the area6thof 30 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,215

2 BR Small Area FMR$1,350

110% of SAFMR$1,485

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$990▲ 7.6%

1 BR$1,160▲ 1.8%

2 BR$1,350▲ 1.5%

3 BR$1,630▲ 1.2%

4 BR$1,770▲ 0.6%

FY2027 FY2026

Where 46545 sits in the South Bend-Mishawaka, IN area

Of the 30 ZIP codes HUD lists for the area, 46545 has the 6th highest two-bedroom Small Area FMR. South Bend-Mishawaka, IN is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,276 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,350 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$990	$891 – $1,089	$937	$920
1 bedroom	$1,160	$1,044 – $1,276	$1,093	$1,140
2 bedrooms	$1,350	$1,215 – $1,485	$1,276	$1,330
3 bedrooms	$1,630	$1,467 – $1,793	$1,545	$1,610
4 bedrooms	$1,770	$1,593 – $1,947	$1,677	$1,760

A household renting a two-bedroom home at the Small Area FMR of $1,350 needs about $54,000 a year to keep housing costs at 30% of income. The area median family income is $88,100 and the 80% low-income limit for four people is $70,500. ZIP code 46545 lies mainly in St. Joseph County. See the South Bend-Mishawaka, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
46635	South Bend	3.2 mi	$1,170
46530	Granger	3.4 mi	$1,910
46615	South Bend	3.6 mi	$1,180
46561	Osceola	4.2 mi	$1,420
46617	South Bend	4.6 mi	$1,770
46544	Mishawaka	5.4 mi	$1,240

Questions

What is the Fair Market Rent for ZIP code 46545?

HUD's FY2027 Small Area Fair Market Rents for 46545 are $990 (studio), $1,160 (1 BR), $1,350 (2 BR), $1,630 (3 BR) and $1,770 (4 BR) a month.

What is the Section 8 payment standard in 46545?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46545 that range is $1,215 to $1,485 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46545?

The FY2026 income limits of the South Bend-Mishawaka, IN area apply: median family income $88,100, low-income (80%) limit $70,500 for a family of four.