Evansville, IN-KY
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
affordable
Price to income
2.82×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Indiana
- 2.80×
- vs U.S.
- 3.43×-0.61
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
19.7%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Indiana
- 21.8%-2.1
- vs U.S.
- 23.3%-3.5
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.55%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Indiana
- 4.86%
- vs U.S.
- 4.35%+0.20
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.00%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Indiana
- -0.01%+0.01
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
3.45
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Indiana
- 2.82+0.63
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
very tight labor market
Unemployment
2.6%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Indiana
- 2.6%-0.0
- vs U.S.
- 3.9%-1.3
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+46.5%
homeValues.yearOverYear
+2.5%
Median home value
$190,800
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $860 | $10,320 | 15.3% |
| 2 BR | $1,113 | $13,356 | 19.7% |
| 3 BR | $1,370 | $16,440 | 24.3% |
Labor market direction
Unemployment
2.6%
Median household income
$67,671
What's being built
Total TTM
1,083
+19.9% YoY
Single-family
785
2–4 unit
98
5+ unit
200
All 6 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Vanderburgh County | 179,900 | $172,300 | $60,938 | 448 | -3.7% |
| Warrick County | 64,065 | $228,900 | $95,027 | 336 | +62.3% |
| Henderson County | 44,770 | $165,700 | $58,239 | 70 | |
| Gibson County | 33,006 | $170,500 | $67,763 | 187 | +29.0% |
| Posey County | 25,226 | $218,000 | $79,124 | 37 | 0.0% |
| Webster County | 12,951 | $97,600 | $58,786 | 5 | +25.0% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Evansville | 313,961 | $67,671 | 2.82× | 4.55% | +46.5% | 3.45 | 2.6% |
| Roanoke, VA | 314,708 | $67,447 | — | — | +60.9% | — | 3.3% |
| Clarksville, TN-KY | 322,949 | $66,210 | — | — | +61.4% | — | 3.7% |
| South Bend-Mishawaka, IN-MI | 323,992 | $65,385 | — | — | +58.4% | — | 3.2% |
| Rockford, IL | 338,050 | $66,571 | — | — | +67.4% | — | 6.2% |
| Utica-Rome, NY | 291,348 | $68,830 | — | — | +58.7% | — | 4.0% |
Where people are moving in from
Net migration
-1
-0.00% of population
| Origin county | Tax returns |
|---|---|
| Vanderburgh County, IN | 1,725 |
| Warrick County, IN | 958 |
| Posey County, IN | 374 |
| Gibson County, IN | 334 |
| Henderson County, KY | 310 |
| Daviess County, KY | 201 |
Who lives in Evansville
- Median age
- 40
- Bachelor's+
- 28.9%
- Owner-occupancy
- 70.1%
- Vacancy rate
- 8.4%
- Rent burdened (30%+)
- 41.4%
- Median household income
- $67,671
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.