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Vanderburgh County/Evansville/47722

47722

ZIPFMR
Vanderburgh County, IN
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$866$720
1 BR$872$880
2 BR$1,127$1,020
3 BR$1,387$1,270
4 BR$1,534$1,420
5 BR$1,764Not available
6 BR$2,029Not available
7 BR$2,333Not available
8 BR$2,683Not available

Purchase Price Calculator

Maximum purchase price
$89,655

Cost breakdown

+Likely effective rent$1,020
HUD FMR$1,127
Market rentUsed$1,020
Est. payment standard (94%)$1,060
-Principal and interest-$453
Loan amount$71,724
Down payment$17,931
Rate6.50%
Term30 years
-Operating costs-$367
Property taxes-$90
Insurance-$175
Utilities$0
HOA$0
Management-$102
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,663(92.9% ROI)
Projected value
$96,549
Return breakdown
Property appreciation+$6,894
Loan principal paid down+$2,570
Rental cash flow+$7,200
5-year hold
+$28,364(158.2% ROI)
Projected value
$101,437
Return breakdown
Property appreciation+$11,781
Loan principal paid down+$4,582
Rental cash flow+$12,000
10-year hold
+$60,030(334.8% ROI)
Projected value
$114,766
Return breakdown
Property appreciation+$25,111
Loan principal paid down+$10,919
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.20
1 BR
0.98
2 BR
1.10
3 BR
1.09
4 BR
1.08
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 47722 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 47722 (Evansville, IN) is $1,127 a month. That is up 1.3% from $1,113 in FY 2026. Evansville is in the Evansville, IN MSA. The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47722 is 4% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 47722
BedroomsFY 2027Change90–110% range
Studio$866+1.5%$779–$953
1BR$872+1.4%$785–$959
2BR$1,127+1.3%$1,014–$1,240
3BR$1,387+1.2%$1,248–$1,526
4BR$1,534−0.3%$1,381–$1,687

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 47722
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$866$872$1,127$1,387$1,534
FY 2026$853$860$1,113$1,370$1,539
FY 2025$780$821$1,054$1,300$1,473
FY 2024$766$850$1,070$1,360$1,558
FY 2023$691$778$973$1,260$1,462

Questions about ZIP 47722 rents

How much will Section 8 pay for a two-bedroom in ZIP 47722?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,127, that basic range is $1,014 to $1,240 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 47722 in?

ZIP 47722 is in the Evansville, IN MSA. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in ZIP 47722 for FY 2027?

The two-bedroom FMR rose 1.3%, from $1,113 in FY 2026 to $1,127 in FY 2027. Since FY 2023 it has risen 15.8%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Fair Market Rents. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentEvansville, IN fair market rentIN statewide rentsWhat is SAFMR?Data sources