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 47750 encompasses a part of Evansville, IN, known for its stable community and diverse housing options. With a population of 27,750, this neighborhood stands out due to its significant proportion of renters, though exact percentages are not available. The median household income in this area is $62,750, reflecting a middle-class demographic. The median home value is notably high at $313,750, indicating a mix of older established homes and newer developments.
Turning to the economic landscape for landlords, the Fair Market Rent (FMR) for ZIP 47750 in fiscal year 2024 is set at $1,090. This figure serves as a benchmark for rental prices, ensuring that they remain accessible to tenants who qualify for the Section 8 program. However, specific data on market rents is currently unavailable, which makes it challenging to compare FMR against actual market conditions directly.
Given the high median home value and the presence of a substantial number of renters, ZIP 47750 could be an attractive location for both hands-off voucher operators and hands-on value-add buyers. For those interested in hands-off management, the stability of the Section 8 program provides a reliable stream of rental income. Meanwhile, value-add investors might find opportunities to renovate properties and command higher rents once the renovations are completed, especially considering the median home value suggests there's potential for appreciation in property values.
To make informed decisions, landlords and investors should conduct further research on local market conditions and tenant demand. The combination of a stable income base and high property values presents a promising scenario for real estate investment in ZIP 47750.
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.