Location: Evansville, IN | Metro: Evansville, IN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 47708 presents a unique opportunity for both landlords and small-portfolio investors. With a median home value of $234,961, the area offers an affordable entry point into homeownership, which is likely to continue attracting buyers looking for value. The data indicating that the percentage of listings reduced is currently at N/A%, along with the median days on market (DOM) also being N/A, suggests that sellers are holding firm on their asking prices, and homes are selling relatively quickly. This combination signals strong seller's market conditions, implying that landlords and investors can maintain or even slightly increase rental rates without significantly impacting occupancy levels.
On the rental side, the Federal Market Rent (FMR) for ZIP 47708 is set at $1,260 for fiscal year 2024, reflecting the government's benchmark for fair market housing costs. However, the actual market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,897. This gap between the FMR and the ZORI highlights a potential area of interest for Section 8 landlords. While the FMR may limit how much rent can be charged under the Section 8 program, the higher market rent indicates that there is room for landlords to potentially charge higher rents to non-Section 8 tenants, thereby maximizing income from their properties.
For long-term investors considering appreciation, the setup in ZIP 47708 implies a steady but cautious approach. The strong seller's market and the affordability of home values suggest that appreciation could occur, driven by demand and limited supply. However, the lack of specific appreciation data means that while appreciation is plausible, it cannot be guaranteed. Investors should focus on the current strong rental dynamics and the potential for modest appreciation rather than expecting rapid increases in property values.
In summary, ZIP 47708 offers a blend of affordability and strong market conditions, making it a favorable environment for real estate investment. Landlords can leverage these conditions to optimize their rental strategies, while small-portfolio investors can expect a stable, if not slowly appreciating, market for their properties.
Data Sources: FMR data from HUD (2027). 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.