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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $880 | $65,918 | 1.33% | A |
| 2BR | $1,140 | $118,925 | 0.96% | C |
| 3BR | $1,400 | $234,808 | 0.6% | F |
| 4BR | $1,550 | $320,277 | 0.48% | F |
| 5BR | $1,798 | $353,005 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 47711, located in Evansville, IN, is situated within the larger Evansville, IN Metropolitan Statistical Area (MSA). Comparing the specific figures of ZIP 47711 to typical ZIP codes within the Evansville, IN MSA provides insight into its position within the local real estate market.
The Fair Market Rent (FMR) for ZIP 47711 in fiscal year 2024 is set at $1120. This figure is higher than the market rent of $857, indicating that properties in this area might be slightly overpriced relative to what the market naturally supports. However, it also suggests that landlords who can secure Section 8 tenants could see a higher rental income compared to the broader market.
The median home value in ZIP 47711 is $184,969. This is likely representative of the overall MSA, given that it falls within a reasonable range for the area. The home value figure suggests that 47711 is neither a value pocket nor a premium sub-market but rather a mid-tier neighborhood in terms of property prices.
A significant point of interest is the renter share of 24.4%, which is above the average for many MSAs. High renter shares can indicate a strong demand for rental properties, particularly if the home values are below the metro average. In ZIP 47711, while the home values are not exceptionally low, the combination of a relatively high FMR and a high renter share points towards a favorable environment for Section 8 housing. This scenario often signifies a sweet spot for landlords seeking to balance rental income with government subsidies.
In summary, ZIP 47711 presents itself as a mid-tier neighborhood within the Evansville, IN MSA, with home values and market rents reflective of the broader metropolitan area. Its divergence lies in the higher FMR and elevated renter share, which together suggest an advantageous location for those involved in Section 8 real estate. These characteristics make it a valuable consideration for landlords and small-portfolio investors looking to leverage the benefits of government-assisted housing programs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.