Location: Gibson County, IN | Metro: Evansville, IN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47616 in fiscal year 2024 is set at $980. This figure represents the payment standard for Section 8 vouchers in your area, meaning it's the maximum amount that the government will pay towards rent for eligible tenants. However, it does not necessarily reflect the actual rent you can charge; rather, it caps the subsidy portion.
In ZIP 47616, there is no local median rent reported (N/A), which suggests that the $980 FMR might serve as a benchmark for setting reasonable rents. Given that renters typically contribute about 6.6% of the FMR toward their portion of the rent, they would pay approximately $65 per month. This indicates that there could be a significant demand for affordable housing units, as many potential tenants may find it challenging to secure housing without assistance.
To acquire a property in this ZIP code, you should expect to spend around $92,434, based on the average home value. This investment is crucial because it sets the stage for your rental income and the potential return on investment (ROI).
Before proceeding with your first Section 8 rental, verify that the property meets all the required standards for habitability and safety. This includes ensuring compliance with local housing codes and any additional requirements set by the Housing Authority. This step is essential to avoid costly repairs and legal issues down the line.
Section 8 rentals can offer a stable source of income, but it's important to understand the dynamics of the program and the local market. With the $980 FMR, you'll need to balance the subsidy with the tenant's contribution to ensure profitability while maintaining affordability for your renters.
Data Sources: FMR data from HUD (2027). 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.