Location: Evansville, IN | Metro: Evansville, IN MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $830 | $52,766 | 1.57% | A+ |
| 2BR | $1,070 | $93,602 | 1.14% | B |
| 3BR | $1,320 | $178,110 | 0.74% | D |
| 4BR | $1,460 | $234,692 | 0.62% | D |
| 5BR | $1,694 | $266,540 | 0.64% | D |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $970 for zip code 47710 in Evansville, IN, landlords and small-portfolio investors can expect a competitive rental environment. The Zillow Observed Rent Index (ZORI), which stands at $927, indicates that market rents are slightly below the FMR, suggesting there might be opportunities to charge closer to the FMR without alienating tenants. The median home value of $153,993 reflects an affordable housing market, making it easier for investors to enter with a smaller capital outlay compared to pricier markets. With 46.6% of residents being renters, there's a substantial demand for rental properties, which bodes well for occupancy rates. However, the median income of $47,292 implies that tenants may be sensitive to pricing, necessitating careful management of costs and rents. A Days on Market (DOM) figure of 22 days signals a robust demand for rentals, allowing landlords to quickly fill vacancies. The price-cut share of 0.2% further underscores the favorable market conditions, as it suggests that very few listings need to reduce their asking price to attract tenants. Given these metrics, the Section 8 program, with its guaranteed rental payments up to the FMR, represents a stable investment option for landlords in Evansville, IN.
The low price-cut share also points to a market where properties are generally priced appropriately, reducing the risk of overvaluing a property. Coupled with the relatively high renter share and short DOM, landlords can confidently manage their properties knowing that the local rental market supports quick turnover and steady income. Additionally, the median income figure provides insight into the financial capabilities of potential tenants, guiding landlords in setting reasonable rents that balance profitability with tenant affordability. In conclusion, the combination of a competitive FMR, strong rental demand, and supportive market conditions makes zip code 47710 a prime location for Section 8 participation, ensuring a reliable source of income for landlords and small-portfolio investors.
Verdict: Zip code 47710 is a suitable market for Section 8 landlords, given the supportive rental environment and the program's alignment with local fair market rents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.