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 47704 in Evansville, IN, stands out due to the lack of comprehensive demographic data available at present. This scarcity means that we cannot provide specific figures for the number of residents, the percentage of renters, median income, or median home value. However, the voucher economics offer a clearer picture. The Fair Market Rent (FMR) for ZIP 47704 for fiscal year 2024 is set at $1090. This figure is crucial for landlords and small-portfolio investors as it directly impacts the rental income they can expect from tenants participating in the Section 8 program.
While the FMR provides a benchmark for rental rates, the absence of data on the local market rent leaves us unable to compare how the voucher amount stacks up against typical market conditions. In a broader context, landlords should be aware that the FMR is designed to reflect the average rent for decent, safe, and sanitary housing in the area, which includes utilities unless the family pays separately for utilities. For those who accept Section 8 vouchers, this $1090 represents the maximum monthly rent that HUD will pay on behalf of eligible low-income families.
Given the incomplete data signature for ZIP 47704, it's difficult to definitively categorize the area as either stable or transitional. However, the reliance on FMR data suggests a need for federal assistance, indicating that the area might lean towards being transitional, where economic conditions necessitate government support to ensure housing affordability. Landlords and investors should stay informed about local real estate trends and the availability of Section 8 vouchers to make well-informed decisions.
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.