Location: Knox County, IN | Metro: Knox County, IN
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 | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $790 | $78,576 | 1.01% | B |
| 2BR | $1,030 | $113,130 | 0.91% | C |
| 3BR | $1,350 | $200,580 | 0.67% | D |
| 4BR | $1,350 | $274,463 | 0.49% | F |
| 5BR | $1,566 | $308,541 | 0.51% | F |
U.S. Census Bureau data (2024)
The market in ZIP 47591, encompassing Vincennes, IN, exhibits a dynamic equilibrium between supply and demand, but leans slightly towards demand outpacing supply. This inference is drawn from the snapshot of the current Fair Market Rent (FMR) at $970 for the fiscal year 2026, which exceeds the reported market rent of $796 based on Census American Community Survey (ACS) data. The gap between these two figures suggests that rental properties are valued higher than their current market rate, indicating potential upward pressure on rents.
A further indication of this dynamic is the low price-cut share of 0.2%. This statistic implies that landlords are generally not having to reduce their asking prices to attract tenants, a scenario often seen when demand is robust relative to supply. Additionally, the days-on-market (DOM) figure stands at 42 days, which is relatively short, suggesting that rental units are typically occupied quickly once they become available. This rapid turnover supports the notion that there is a steady demand for rental housing in the area.
The median home value in ZIP 47591 is $164,980, a figure that, while not directly indicative of supply-demand balance, provides context for the overall housing market's affordability. With a renter share of 35.5%, it's evident that a significant portion of the population relies on rental housing, which can exert long-term pressure on the availability and pricing of rental units. A high renter share often correlates with sustained demand for rental properties, as it reflects a segment of the population that may be unable or unwilling to purchase homes due to financial constraints or other reasons.
In summary, the current data points towards a market where demand for rental housing is strong relative to supply. Landlords and small-portfolio investors should be aware of these dynamics and consider the implications for their investment strategies in ZIP 47591.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.