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 47735 in Evansville, Indiana, presents unique characteristics that distinguish it from other areas within the county. However, due to the lack of specific demographic data such as resident count, percentage of renters, median income, and median home value, a detailed analysis of these factors cannot be provided. Despite this limitation, the focus shifts to the economic viability of Section 8 vouchers within the area.
The Fair Market Rent (FMR) for ZIP 47735 in fiscal year 2024 is set at $1090. This figure is crucial for landlords and small-portfolio investors as it represents the maximum amount that can be charged for a rental unit under the Section 8 program. The absence of comparative market rent data means that the decision to accept Section 8 tenants must be based on the FMR alone. Landlords should consider this rate when evaluating the potential income from their properties, especially if they are located within ZIP 47735.
Section 8 vouchers provide a stable source of income for landlords because the government guarantees payment up to the FMR. This can be particularly beneficial in areas where the market rent might fluctuate. For ZIP 47735, accepting Section 8 tenants at the $1090 FMR ensures a consistent stream of rental income, which is essential for managing cash flow and property expenses.
Given the limited data available, the overall economic landscape of ZIP 47735 appears to be transitional rather than stable. This assessment is based on the lack of historical context and specific figures that would indicate long-term trends. Landlords and investors should remain vigilant about changes in local housing markets and government policies affecting the Section 8 program.
In conclusion, while the exact demographic details for ZIP 47735 are not provided, the $1090 FMR for fiscal year 2024 offers a clear benchmark for rental rates under the Section 8 program. This can serve as a reliable indicator for landlords and small-portfolio investors looking to manage their properties effectively. The transitional nature of the data suggests ongoing monitoring of local market conditions and policy updates.
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.