FMR is near market; voucher and private rents are aligned.
1.10
2 BR
2 BR
1.24ratio
FMR$1,140
Market$920
vs market+$220
FMR is above market; underwrite to market rent.
1.24
3 BR
3 BR
1.21ratio
FMR$1,400
Market$1,160
vs market+$240
FMR is above market; underwrite to market rent.
1.21
4 BR
4 BR
1.22ratio
FMR$1,550
Market$1,270
vs market+$280
FMR is above market; underwrite to market rent.
1.22
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 47731 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47731 (Evansville, IN) is $1,140 a month. That is up 0.9% from $1,130 in FY 2026. Evansville is in the Evansville, IN MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,127. Among 37 ZIP codes in Vanderburgh County, 47731 is tied for the 8th-highest two-bedroom rent (county range $1,010–$1,650). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47731 is 5% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 47731
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$870
$880
+1.1%
$792–$968
1BR
$870
$880
+1.1%
$792–$968
2BR
$1,130
$1,140
+0.9%
$1,026–$1,254
3BR
$1,390
$1,400
+0.7%
$1,260–$1,540
4BR
$1,560
$1,550
−0.6%
$1,395–$1,705
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 47731
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$880
$880
$1,140
$1,400
$1,550
FY 2026
$870
$870
$1,130
$1,390
$1,560
FY 2025
$790
$830
$1,070
$1,320
$1,500
FY 2024
$780
$870
$1,090
$1,390
$1,590
FY 2023
$700
$790
$990
$1,280
$1,490
Two-bedroom rent in nearby Vanderburgh County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 47731?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,127, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,014 to $1,240 a month; under the ZIP-level Small Area FMR of $1,140 it would be $1,026 to $1,254. 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 47731 in?
ZIP 47731 is in the Evansville, IN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,127.
How much did fair market rent change in ZIP 47731 for FY 2027?
The two-bedroom FMR rose 0.9%, from $1,130 in FY 2026 to $1,140 in FY 2027. Since FY 2023 it has risen 15.2%.
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 Small Area Fair Market Rents and area FMRs. 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