Evansville is a IN market where the rent-to-payment ratio decides the loan. Median rent is $975, median home value is $143,100 and 45% of households rent.
Evansville by the Census numbers
Citywide, Evansville renters pay a median $975 in gross rent (rent plus utilities), about 8% below the Indiana median of $1,062, and owner-occupied homes have a median value of $143,100, well below the Indiana median of $218,200. Put the two medians together and Evansville shows a gross yield of 8.2%, a comparatively strong gross ratio for a metro area. Because the rent number covers apartments as well as houses, expect single-family rentals to land above or below it.
| Indicator | Indiana | Evansville | Difference |
|---|---|---|---|
| Annual property tax bill, median | $1,614 | $1,153 | -29% |
| Household income, median | $71,957 | $53,387 | -26% |
| Typical owner-occupied value | $218,200 | $143,100 | -34% |
| Typical monthly rent | $1,062 | $975 | -8% |
| Persons per household | 2.46 | 2.12 | |
| Share in 2-4 unit buildings | 6.0% | 10.0% | +67% |
| Share of homes detached | 72.6% | 64.1% | -12% |
| Long commuters, 45 min plus | 12.7% | 6.2% | -51% |
| Degree holders, age 25+ | 29.5% | 22.8% | -23% |
| Workers on their own account | 8.0% | 6.4% | -19% |
| Units sitting vacant | 8.8% | 10.3% | +17% |
| Typical construction year | 1976 | 1961 | |
| Annual rent divided by value | 5.8% | 8.2% | +40% |
| Households that rent | 29.4% | 45.4% | +54% |
| Residents (Census estimate) | 6,851,073 | 116,116 |
Roughly 45.4% of occupied housing in Evansville is rented, well above the Indiana median of 29%. The median household brings in $53,387 (well below the Indiana median of $71,957), with 48% of renters paying 30 percent or more of income toward rent.
Housing mix and age in Evansville
Detached single-family homes make up 64% of the housing units in Evansville, so most rentals here compete as houses, and rents follow neighborhood and school boundaries more than building type. The median home was built in 1961, so plan for older systems, lead-era paint questions and a repair reserve.
The Census counts 10% of Evansville housing units as vacant, with a rental vacancy figure of 5.9%.
Reading Evansville as an investor
A 8.2% gross yield is rich for this region, so Evansville files often clear the ratio on paper, and the risks to test are vacancy, repairs and how long a vacant unit sits. With homes this old, a pre-offer inspection is not optional in Evansville. A 45% renter share is large enough to keep units leased, so location relative to jobs and schools drives rent more than the market as a whole.
Insurance, tax and flood context for Evansville
The Census reports median real estate taxes paid of $1,153 in Evansville, well below the Indiana median of $1,614. Against the median value that is an effective rate of roughly 0.81%, compared with 0.74% for Indiana as a whole. Compared with annual median rent, the tax line is about 10%.
County-level hazard data from FEMA (National Risk Index 1.20) shows Vanderburgh County with relatively moderate overall risk and tornadoes (relatively high), strong wind (relatively high) and winter weather (relatively high) at the top of the list.
| Hazard in Vanderburgh County, FEMA index | Level |
|---|---|
| Ice storms exposure | Relatively High |
| Winter weather exposure | Relatively High |
| Strong wind exposure | Relatively High |
| Tornadoes exposure | Relatively High |
| Social vulnerability score | Relatively Moderate |
| Annualized loss estimate | Relatively Moderate |
| Composite risk | Relatively Moderate |
Price the insurance before you price the offer: a landlord quote for the Evansville property, plus flood cover where the map requires it, goes into the payment your rent is divided against.
Rent math for Evansville buyers
For a rough fit test, treat $975 as the rent and $96 as the monthly tax. The payment cannot exceed $975 at a 1.00 ratio, so $879 is left after taxes for interest, principal, insurance and any association dues, shrinking to $684 if the lender wants 1.25.
Registration, deposits and nightly stays in Evansville
This page does not claim to list every Evansville rental ordinance. Before you buy, call the city's planning or code office and Vanderburgh County to ask about rental registration, inspections and short-term rental permits, and read any association declaration. Guests who book by the night in Evansville are taxed under state law as follows. Indiana charges state sales tax on rentals of under 30 days plus a county innkeeper's tax that varies by county, and Airbnb collects both for listings it handles while owners who rent directly register with the Department of Revenue.
A Evansville landlord must handle the deposit within 45 days after move-out under Indiana law.
Evansville against Indiana peers
Statewide context for Evansville: median home values in the other Indiana cities below run from $94,700 to $486,800, and Evansville is $143,100.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Carmel | 26% | $4,056 | $486,800 | 101,651 | $1,712 |
| Kokomo | 37% | $1,075 | $137,400 | 59,122 | $939 |
| Gary | 51% | $915 | $94,700 | 68,113 | $1,012 |
| Evansville | 45% | $1,153 | $143,100 | 116,116 | $975 |
Tenants, jobs and anchors in Evansville
Self-employed workers, incorporated or not, make up 6.4% of employed residents, a group that often has irregular tax-return income and a natural fit with rent-based qualification. Around the edges, government workers are about 9% of employment, 23% of adults hold a bachelor's degree or higher and 6% of commuters travel 45 minutes or more.
Campuses such as University of Evansville, University of Southern Indiana, Indiana State University and Ivy Tech Community College of Indiana pull tenants into Evansville, and landlords near them can plan around move-in seasons. On the logistics side, interstate access via I-69 and air service through Evansville Regional Airport are noted for Evansville.
Next steps for a Evansville purchase
Before you offer on a Evansville property, test the ratio in the calculator, then apply now or request a DSCR quote.
More Indiana markets
- All Indiana DSCR loans
- DSCR loans in Gary, IN
- DSCR loans in Kokomo, IN
- DSCR loans in Carmel, IN
- Every market we cover
Sources
- Indiana DOR, county innkeeper's tax (Indiana)
- 2020 to 2024 ACS data used for Evansville
- FEMA hazard ratings for Vanderburgh County
- Wikipedia: Evansville, Indiana
- Indiana security deposit statute (IC 32-31-3-9, 3-12, 3-13, 3-14, 3-15, 3-16)
All Evansville statistics are ACS five-year survey estimates from 2020 to 2024. Indiana landlord-tenant summaries draw on the RedFlagLease dataset (CC BY 4.0) and the statutes linked above. Verified October 2026. Ordinances and statutes change, so confirm before acting.
Quick file checklist
On a Evansville purchase, line up the lease, the tax estimate, the insurance quote and any association dues before the appraisal is ordered, and ask the appraiser's office what rent comparables they plan to use.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
How is Evansville rent documented for a DSCR loan?
It comes from a lease or from the market rent in the appraisal, whichever the program uses. Against that, the Evansville median is $975.
How much payment fits the median Evansville rent?
The denominator is the whole housing payment. Using Evansville's median rent of $975, a ratio of 1.25 allows $780, and a ratio of 1.00 allows all $975.
How high are property taxes in Evansville?
Evansville owners report a median $1,153 in annual real estate taxes, an effective 0.81% (Indiana: 0.74%). Your own bill depends on the assessed value after purchase.
Do DSCR lenders count short-term rental income in Evansville?
It depends on the program and on local law. A Evansville owner needs the right permit or registration, an association that allows nightly stays, and documented bookings.
Are there deposit limits for Evansville rentals?
Return is due within 45 days after the tenant leaves. The governing section is IC 32-31-3-9, 3-12, 3-13, 3-14, 3-15, 3-16.
Should I worry about hazards at a Evansville property?
The National Risk Index gives the county an overall relatively moderate rating. Use that as a prompt to get quotes, not as a verdict on one Evansville street.
How do LLC closings work for Evansville rentals?
You do not need one, and many investors close in an entity. If you use an LLC, the lender asks for formation documents and usually a personal guaranty. Talk to your attorney and accountant about structure for a Indiana property.