Average Rent in Evansville, IN↓ Rents falling 1.5% YoY

Evansville, IN has rental prices ranging from $780/month to $1,473/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $821/month — 41% below the national average of $1,400/month. With a median household income of $67,671/year, spending $821/month on a 1-bedroom represents 15% of gross income — within the recommended 30% threshold.

How Evansville Compares

With an average 2-bedroom rent of $1,054/month, Evansville ranks #15 most expensive of the 77 cities tracked in Indiana — pricier than 71% of all US cities in our data.

The Evansville Rental Market

The Evansville, IN area has a population of about 269,721 and 30% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Evansville, IN have fallen by $16/month (1.5%) over the past year, from $1,070 to $1,054. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Evansville, IN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $32,840. The local median household income of $67,671 exceeds that threshold by $34,831, making Evansville relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Evansville, IN is $204,339, giving a price-to-rent ratio of 16.2. With a break-even horizon of approximately 16 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Evansville's neighborhoods. Among the highest-value areas are Cedar Hall ($63,753 median home value), Garvinwood-Rosedale ($73,418 median home value), STAR ($75,215 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Evansville, IN Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Evansville?

Break-even analysis and mortgage estimates based on local market data.

Living in Evansville

Cost of living, job market, crime rates, and moving cost estimates.