Location: Spencer County, IN | Metro: Evansville, IN MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $222,481 | 0.6% | D |
U.S. Census Bureau data (2024)
To classify ZIP code 47537, we must consider both the yield and stability factors. The yield can be measured by comparing the Fair Market Rent (FMR) of $900 with the market rent of $717. This indicates that landlords could potentially charge a premium above the market rate if they align their rental prices with the FMR. Additionally, the median home value of $215,214 suggests a moderate investment cost for property purchases.
The stability of the market can be gauged by the percentage of renters at 32.0%, which is a significant but not overwhelming portion of the population. The lack of data on days on market (DOM) makes it difficult to assess how quickly properties are rented out, but the average income of $49,128 provides insight into the financial capability of the residents to pay higher rents.
Based on these figures, ZIP 47537 leans towards being a steady-cashflow zone rather than a high-yield/low-stability market. The primary driver for this classification is the relatively low renter ratio of 32.0%. In markets with higher yields, such as those with a larger percentage of renters, the stability tends to be lower due to increased competition and fluctuating occupancy rates. However, with 47537's renter ratio and the moderate income levels, there is a reasonable balance between potential rental income and the likelihood of maintaining occupancy.
The difference between the FMR of $900 and the market rent of $717 also supports the steady-cashflow classification. Landlords can aim to increase their rental income by aligning with the FMR, but the gap is not so large that it would suggest a highly speculative market. Moreover, the median home value of $215,214 implies that there is a stable housing market where property values are likely to remain consistent over time.
In conclusion, ZIP 47537 offers a moderate yield opportunity with a fair degree of stability, making it suitable for landlords and small-portfolio investors seeking reliable cash flow without excessive risk.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.