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 |
The ZIP code 47732 in Unknown, Indiana, presents a dynamic rental market, particularly under the Section 8 program. With a Fair Market Rent (FMR) set at $1090 for the fiscal year 2024, landlords can expect a stable income from tenants participating in the Section 8 Housing Choice Voucher program. However, the lack of available data on market rent suggests that there might be limited private market activity, which could indicate either a niche rental environment or a less competitive market outside of government assistance programs.
The absence of percentage figures for price-cut shares and days on market (DOM) signals a potential equilibrium between supply and demand. In markets where these metrics are typically tracked, high DOM values and significant price-cut shares often point to an oversupply of units relative to demand. Conversely, lower values suggest a tight market where demand outpaces supply. Given the limited data, it's reasonable to infer that the rental market in ZIP 47732 is neither overly saturated nor experiencing severe shortages, but rather maintaining a balanced state.
A key indicator of long-term housing pressure is the percentage of renters in the area. The N/A% figure for renter share implies that the local population's preference for renting versus owning is unclear. This ambiguity can affect how landlords and small-portfolio investors strategize. If the renter share were high, it would suggest ongoing pressure for affordable rentals, making ZIP 47732 a potentially attractive market for those willing to work with Section 8 vouchers. A low renter share might imply a strong homeownership culture, reducing the overall demand for rentals. However, the current data leaves this aspect open to interpretation.
The median home value being listed as N/A further complicates the picture. Typically, this metric would provide insight into the economic status of the area and the potential for property appreciation. In ZIP 47732, the focus seems to be more on the rental sector, especially through Section 8, indicating a reliance on rental support for affordability.
In summary, ZIP 47732 appears to be a market where the Section 8 program plays a crucial role in providing affordable housing options. The dynamics suggest a balanced rental environment, though without clear data on market rent and renter share percentages, the exact trajectory of supply and demand remains uncertain. Landlords and small-portfolio investors should consider the stability offered by the Section 8 program while also being prepared for the challenges that come with working within a subsidized housing framework.
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.