Real Estate Investing in New Harmony, Indiana (47631)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47631 (New Harmony, IN)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 15.3% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in New Harmony, IN (47631)?
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Market Analysis: 47631 New Harmony
ZIP 47631 inside Posey County looks affordable on the surface — median value of $211K — but the discount exists for reasons that a careful buyer should understand before committing.
The 47631 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
ZIP 47631's metrics run below Posey County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Resident income in 47631 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Experienced landlords with local relationships tend to find 47631 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in New Harmony:
Property Strategy for 47631
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $162,270 | $1,050 | 4.7% | +7.3% | $81,135 |
| 3BR | $236,121 | $1,290 | 3.9% | +7.4% | $78,707 |
Market Trends
Home Value History (with trend line)
📊 How Does 47631 Compare?
| Metric | 47631 | New Harmony | Evansville, IN-KY | Indiana |
|---|---|---|---|---|
| Home Value | $211,496 | $211,496 | N/A | $248,442 |
| 5-Year CAGR | 4.9% | 4.9% | N/A | 7.7% |
| Avg Rent | $945 | $945 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 47631 (New Harmony, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $211,496 |
| Monthly Rent | $945 |
| Price-to-Rent | 18.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 8.4% |
📈 Home Appreciation
| 1-Year | +0.8% ▲ |
| 3-Year CAGR | +4.6% ▲ |
| 5-Year CAGR | +4.9% ▲ |
| 10-Year CAGR | +6.0% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 47631
Population: 2,085
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
Frequently Asked Questions
What monthly rent should investors expect in New Harmony, IN?
Average rent in New Harmony, IN is approximately $945/mo per month. Against $211K home values that yields a reasonable rent-to-price ratio.
Which investment style suits New Harmony, IN?
A careful cash-flow rentals with hands-on management strategy New Harmony, IN best. The market produces stable results for that approach at the $211K price point.
Is New Harmony, IN a good place for real estate investing?
New Harmony, IN clocks in at an investability rating of 3.0/5, with median home values near $211K and average rents around $945/mo. That combination puts it in the durable tier for investor interest.
Does New Harmony, IN favor landlords or tenants?
New Harmony, IN operates under IN law, which is landlord-friendly overall for landlords. Expect even-keeled treatment in typical lease and eviction cases.
What are home prices like in New Harmony, IN?
The median home value in New Harmony, IN is roughly $211K. That puts it reasonable relative to the IN statewide average.
You know 47631 now. You don’t know where it ranks.
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How 47631 ranks in Evansville, IN-KY
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