Location: Evansville, 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 | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $229,007 | 0.45% | F |
| 3BR | $1,290 | $301,888 | 0.43% | F |
| 4BR | $1,420 | $363,542 | 0.39% | F |
U.S. Census Bureau data (2024)
15.6% of residents in Wadesville, IN (ZIP 47638) are renters, indicating a moderate demand for rental properties in the area. The Fair Market Rent (FMR) for FY 2024 is set at $880, which is lower than the reported market rent of $1,027 according to Census ACS data. This suggests that landlords could potentially increase their rental yields by aligning their property rents closer to the market rate. However, the median income of $93,958 might limit how much tenants can afford to pay, making it prudent to consider affordability when setting rental prices.
The median home value in Wadesville is $298,213, providing a stable foundation for property investments. While there is no specific data on days on market (DOM) or the percentage of price-cut shares, the relatively low FMR compared to market rent indicates a competitive rental market where maintaining fair pricing is key to attracting tenants. Landlords should be cautious about overpricing their units, as it may deter potential renters who are already facing higher costs than what the government deems fair for the area.
Given the 15.6% renter share and the discrepancy between the FMR and market rent, there is an opportunity for landlords to optimize their rental strategies. However, they must balance this with the median income figure to ensure that rents remain within reach for local tenants. The lack of detailed data on sales trends such as DOM and price-cut shares means that caution should be exercised when considering purchasing properties for rental purposes, as these factors can significantly impact profitability.
For Section 8 participants, the $880 FMR is the benchmark for rental assistance payments, meaning that landlords who wish to participate in the program must accept this rate for eligible tenants. Given the higher market rent of $1,027, landlords might find participating in Section 8 less attractive unless they can leverage other benefits such as reduced vacancy rates or long-term tenant stability.
Verdict: Wadesville, IN offers a balanced investment opportunity with a competitive rental market and stable home values, but participation in Section 8 is limited by the FMR cap at $880, which is below the market rent.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.