Location: Evansville, IN | Metro: Evansville, IN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
The ZIP code 47702 in Unknown, IN, lacks comprehensive demographic data, which makes it challenging to provide a detailed analysis. However, we can infer some insights based on the available information.
The median household income is not specified, but we can use the Fair Market Rent (FMR) as a benchmark for assessing rental affordability. The FMR for ZIP 47702 is set at $1090 per month for FY 2024, indicating that the average rental cost for a two-bedroom apartment should be around this figure.
To understand the potential demand for Section 8 vouchers, we need to consider the percentage of renters in the area. Although the exact percentage is unknown, if the ZIP code has a significant number of renters, it suggests a higher likelihood of Section 8 voucher usage. Typically, in areas with a high proportion of renters, the demand for affordable housing options like those supported by Section 8 vouchers is higher.
In terms of affordability, let's assume a typical two-bedroom apartment rents at the FMR level of $1090. If we take the median household income as a reference point, and suppose it is lower than the national average, then the typical rent could represent a substantial portion of the local income. For example, if the median household income were $20,000 annually, then $1090 monthly would consume approximately 65% of the annual income. This calculation underscores the importance of Section 8 vouchers in helping families afford decent housing.
A landlord in ZIP 47702 should expect tenants who rely heavily on Section 8 vouchers due to the likely presence of a significant renter population and potentially lower income levels. These tenants will have their rent subsidized up to the FMR, which means landlords must ensure their properties meet HUD standards to participate in the program. It's crucial for landlords to familiarize themselves with the requirements and processes associated with Section 8 tenancy to effectively manage their properties and serve these tenants.
Given the limited data, landlords should also consider conducting a local market survey to better understand the rental landscape and the specific needs of the tenant pool. Engaging with local housing authorities and other stakeholders can provide additional insights into the demand for Section 8 vouchers and the characteristics of potential tenants.
Data Sources: FMR data from HUD (2027).
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.