Section 8 Fair Market Rent (FMR) for ZIP 47714 - 2027
Location: Evansville, IN | Metro: Evansville, IN MSA
Investment Score for ZIP 47714
C
Monthly Rent (2BR)
$1,180
Median Price (2BR)
$120,647
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $910 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 1BR |
$910 |
$80,721 |
1.13% |
B |
| 2BR |
$1,180 |
$120,647 |
0.98% |
C |
| 3BR |
$1,450 |
$158,051 |
0.92% |
C |
| 4BR |
$1,610 |
$214,504 |
0.75% |
D |
| 5BR |
$1,868 |
$273,060 |
0.68% |
D |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$55,910
A skeptical investor might raise several concerns about investing in ZIP 47714 (Evansville, IN) for the fiscal year 2024. Here are some key objections and the corresponding data:
- Will Fair Market Rent ($1080) cover the mortgage on a $140,660 home?: According to Zillow, the average home value in ZIP 47714 is $140,660. Assuming a typical mortgage rate, the monthly mortgage payment for a $140,660 home could be around $700 to $800, depending on the down payment and interest rate. With a Fair Market Rent (FMR) of $1080, the FMR does indeed cover the mortgage payment, leaving room for other expenses such as maintenance and taxes.
- Is there enough renter demand at 39.8%?: The data indicates that 42.5% of housing units in ZIP 47714 are occupied by renters, slightly above the 39.8% threshold. Additionally, the vacancy rate stands at 8.6%, which is relatively high compared to the national average but still manageable. The majority of renters (70.4%) pay between $500 and $999 per month, suggesting a stable demand for affordable rental properties.
- Will vouchers keep pace with $1,066 market rents?: The median housing rent in ZIP 47714 is $771 per month, which is significantly lower than the $1,066 market rent. While the exact voucher amounts are not specified, it is likely that they will be closer to the median rent rather than the market rent. Therefore, vouchers may not fully cover the higher market rents, but they can still provide a significant portion of the rental cost.
The data provides a clear picture of the rental market in ZIP 47714, indicating that while there are challenges, the potential for covering mortgage payments and attracting tenants remains viable. However, the specific impact of voucher amounts on market rents requires further investigation.
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.