The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Evansville, IN 47702's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 47702 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $702 to a high of $858, with an average of $780.
One-bedroom: One-bedroom rental prices vary, with a minimum of $783, a maximum of $957, and an average of $870.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $981, peaking at a maximum of $1,199, and averaging at $1,090.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,251, a maximum of $1,529, and an average of $1,390.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,431 to a maximum of $1,749, with an average of $1,590.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Evansville, IN 47702 Low Rent (90%) $702 $783 $981 $1,251 $1,431
Average Rent $780 $870 $1,090 $1,390 $1,590
High Rent(110%) $858 $957 $1,199 $1,529 $1,749
2023 Evansville, IN 47702 Low Rent (90%) $630 $711 $891 $1,152 $1,341
Average Rent $700 $790 $990 $1,280 $1,490
High Rent (110%) $770 $869 $1,089 $1,408 $1,639
2022 Evansville, IN 47702 Low Rent (90%) $567 $639 $801 $1,053 $1,206
Average Rent $630 $710 $890 $1,170 $1,340
High Rent(110%) $693 $781 $979 $1,287 $1,474
2021 Evansville, IN 47702 Low Rent (90%) $549 $612 $774 $1,017 $1,116
Average Rent $610 $680 $860 $1,130 $1,240
High Rent (110%) $671 $748 $946 $1,243 $1,364
2020 Evansville, IN 47702 Low Rent (90%) $522 $576 $729 $954 $1,008
Average Rent $580 $640 $810 $1,060 $1,120
High Rent(110%) $638 $704 $891 $1,166 $1,232
2019 Evansville, IN 47702 Low Rent (90%) $522 $567 $729 $936 $981
Average Rent $580 $630 $810 $1,040 $1,090
High Rent (110%) $638 $693 $891 $1,144 $1,199


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