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 |
To profile ZIP code 47705 for Section 8 tenants, we must rely on available data, which currently lacks specific figures for population, percentage of renters, and median household income. However, we can still make informed observations based on the information that is provided.
The Fair Market Rent (FMR) for ZIP 47705 in fiscal year 2024 is set at $1090. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their housing costs. To understand how this compares to the local rental market, we need to consider the typical market rent in the area. Unfortunately, the exact market rent is also not specified in the data provided.
Despite the absence of specific income data, it's important to recognize that Section 8 tenants typically have incomes below 50% of the area median income. Therefore, landlords in ZIP 47705 should anticipate that their Section 8 tenants will be from lower-income households who rely heavily on government assistance to afford housing.
In areas where the FMR closely aligns with market rents, the percentage of local income spent on rent can be significant. If we assume that the market rent is around the FMR of $1090, then even with the assistance of a voucher, the remaining portion of rent would represent a considerable share of a low-income household's budget.
The scarcity or abundance of vouchers in an area depends largely on the number of renters and the availability of affordable housing. Without knowing the exact percentage of renters in ZIP 47705, it's difficult to determine if there is a high demand for vouchers. However, given the reliance on Section 8 assistance, it suggests a tenant pool that is heavily dependent on such programs.
A landlord in ZIP 47705 should expect tenants who are likely to be part of families or individuals receiving public assistance. These tenants will require the landlord to comply with HUD regulations and maintain properties to meet certain standards. Landlords must also be prepared to work with housing authorities and possibly face challenges related to timely rent payments, though the risk is mitigated by the government subsidy.
In summary, while specific details are missing, the presence of the $1090 FMR indicates a focus on providing affordable housing options to low-income residents. The typical tenant profile will include those who need financial assistance to cover housing costs, making it essential for landlords to understand and adhere to the requirements of the Section 8 program.
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.