Location: Pike 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 | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $127,403 | 0.84% | C |
| 3BR | $1,350 | $196,869 | 0.69% | D |
| 4BR | $1,500 | $238,400 | 0.63% | D |
U.S. Census Bureau data (2024)
In ZIP 47660 of Oakland City, IN, the potential risks for landlords considering Section 8 investments are significant. The market rent stands at $921, while the Fair Market Rent (FMR) for FY 2024 is set at $1190. This discrepancy suggests that tenants might struggle to cover their portion of the rent, leading to higher turnover rates. Tenant turnover can be costly, involving expenses such as advertising, background checks, and cleaning between tenants.
Vacancy exposure is another concern. The average number of days on market (DOM) is not available, which makes it difficult to predict how long a property might remain vacant. Vacancies are particularly detrimental because they represent lost rental income and additional costs associated with maintaining an unoccupied property.
The typical home value in the area is $165,482, with a median household income of $57,472. These figures indicate that many homeowners might have deferred maintenance due to financial constraints. For landlords, this means that properties may require substantial investments to meet the minimum housing quality standards required by Section 8, potentially increasing the overall cost of ownership.
However, there are mitigating factors. The renter share of the population is 25.4%, which is relatively high. High renter density typically correlates with a greater demand for rental housing, including those supported by Section 8 vouchers. This demand can help stabilize occupancy rates and reduce the risk of prolonged vacancies.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 47660 is moderate. While there are challenges related to tenant turnover and the need for property maintenance, the strong demand for rentals provides some balance to these risks.
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.