Investment metrics, interactive calculators, and data-driven analysis for Evansville rental properties.
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Evansville, IN has a population of 117,429 and has been growing at 0.2% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $155,000 paired with median rents of $950/mo produces an estimated cap rate of 5.26%.
Property taxes at 0.82% fall within the national average range and shouldn't present unusual challenges. The vacancy rate of 6.5% is moderate and within normal parameters for a healthy rental market.
At a price-to-income ratio of 3.5x, homes cost about 3.5 times the local median income of $44,200. This relatively affordable ratio suggests a deep pool of renters who find buying out of reach, supporting rental demand. Home values have appreciated at roughly 2.2% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: Evansville presents moderate opportunities. Cap rates near 5.26% mean deals need careful sourcing — look for value-add rehabs or emerging neighborhoods where rents are climbing.