Section 8 Fair Market Rent (FMR) for ZIP 47631 - 2027

Location: Evansville, IN | Metro: Evansville, IN MSA

Investment Score for ZIP 47631

Monthly Rent (2BR)

$1,040

Median Price (2BR)

$159,334

1% Rule

0.65%

Annual Yield

7.83%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$800
1 Bedroom	$800
2 Bedrooms	$1,040
3 Bedrooms	$1,280
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,040	$159,334	0.65%	D
3BR	$1,280	$241,106	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,148

Median Household Income

$66,058

Housing Units

989

Renter Percentage

15.3%

Occupancy Rate

91.1%

Renter Occupied

138

New Harmony, IN, located in ZIP code 47631, is a small community known for its historical significance and peaceful ambiance. This area offers a unique blend of rural charm and proximity to urban amenities, making it an attractive location for both residents and investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in New Harmony, IN for fiscal year 2024 is set at $1100, indicating a relatively stable rental market.
According to the latest Census American Community Survey (ACS), the average market rent for properties in the area is $859, suggesting that the actual rents are lower than the FMR, which could be beneficial for landlords aiming to attract tenants.
The median home value in ZIP 47631 stands at $215,574, reflecting a modest housing market where property values are accessible for many potential buyers.
Renters make up 15.3% of the population, showing that the majority of residents prefer homeownership, but there is still a notable demand for rental properties.
The median income in the area is $66,058, providing insight into the financial stability of the local population and their ability to afford rent or mortgage payments.

Given these data points, landlords and small-portfolio investors can expect a steady rental market in New Harmony, IN, with the potential for modest returns. The gap between the FMR and the actual market rent suggests opportunities for landlords to increase their rental income slightly without pricing out potential tenants. Additionally, the modest median home value indicates that the area remains affordable for both renters and buyers, which could contribute to long-term stability and growth in property values. However, the low percentage of renters implies that competition for rental units may be fierce, necessitating well-maintained and competitively priced properties to succeed in this market.

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.