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 47703 in Unknown, IN, presents a unique challenge for both renters and landlords due to limited available data on median income and market rates. However, we can analyze the situation using the Fair Market Rent (FMR) standard set by HUD for voucher payments, which is $1090 for the fiscal year 2024.
With the median income being unavailable, it's difficult to assess the overall financial health of households in the area. This lack of information makes it hard to determine if a typical household can afford the market rate, which is also not provided. However, assuming the market rate is higher than the voucher payment standard, there would be a significant affordability gap for renters.
The percentage of renters and the total population in ZIP 47703 are also unspecified, making it challenging to gauge the level of competition among landlords. Nonetheless, if the voucher payment standard is lower than the market rate, landlords may find themselves in a position where they must choose between accepting voucher payments or relying on cash-paying tenants.
Accepting voucher payments ensures a steady stream of income at a fixed rate, which is beneficial for landlords who prioritize stability over potentially higher rents. On the other hand, focusing on cash-paying tenants might offer higher rental income but comes with the risk of vacancy if the market rate exceeds what most households can afford.
Takeaway: Landlords in ZIP 47703 should consider the $1090 voucher payment standard as a benchmark for affordable housing. Given the unknowns regarding median income and market rates, landlords might want to diversify their tenant mix, including those who can pay above the voucher rate, while still accommodating voucher holders to fill units that may otherwise remain vacant.
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.