Real Estate Investing in New Albany, Indiana (47150)
Should you buy in 47150 (New Albany, IN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 11.3% vacancy may signal weakening demand.
What’s happening in New Albany, IN (47150)?
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Market Analysis: 47150 New Albany
Investors eyeing 47150 need to respect the fundamentals at play. Home values of $238K come alongside slower price movement and elevated management overhead.
The investment case in 47150 is notable only for operators who understand what they are buying. A $238K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within IN, ZIP 47150 trails on several market indicators that neighboring Floyd County submarkets outperform. The gap is real and healthy enough to shape underwriting.
The 47150 ZIP's population of 49,606 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that clocks in at the need for careful underwriting.
The right play in 47150 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in New Albany:
Property Strategy for 47150
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $112,531 | $1,030 | 6.6% | +8.1% | $112,531 |
| 2BR | $164,611 | $1,250 | 5.5% | +7.9% | $82,306 |
| 3BR | $236,007 | $1,600 | 4.9% | +7.1% | $78,669 |
| 4BR | $318,435 | $1,860 | 4.2% | +6.1% | $79,609 |
| 5BR | $390,331 | — | — | +5.4% | $78,066 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 47150 Compare?
| Metric | 47150 | New Albany | Indiana |
|---|---|---|---|
| Home Value | $237,933 | $237,933 | $248,442 |
| 5-Year CAGR | 6.3% | 6.3% | 7.7% |
| Avg Rent | $1,211 | $1,211 | - |
| Cap Rate | 4.0% | 4.0% | - |
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 47150 (New Albany, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $237,933 |
| Monthly Rent | $1,211 |
| Price-to-Rent | 16.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.1% |
| Cap Rate | 4.0% |
| 5-Year IRR | 10.3% |
📈 Home Appreciation
| 1-Year | +6.2% ▲ |
| 3-Year CAGR | +6.1% ▲ |
| 5-Year CAGR | +6.3% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 Rent Trends
| 1-Year | +0.9% ▲ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (4.0%). 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 47150
Population: 49,606
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
🎓 Schools in 47150
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 14,145 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What price range are homes in New Albany, IN?
In New Albany, IN the median home value sits at $238K. Against the broader IN market, that reads as reasonable for most investors.
Is New Albany, IN a good market for FHA house hackers?
The house hack math a challenging in New Albany, IN. Owner-occupant buyers benefit from the $1,211/mo rents and $238K home values.
How strong is the working-renter base in New Albany, IN?
New Albany, IN offers a stable renter base at the $1,211/mo rent level. Tenant turnover is reasonable for well-managed properties.
Are landlord laws favorable in New Albany, IN?
For rental operators, New Albany, IN rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
How does New Albany, IN rate as a rental market?
Our data puts New Albany, IN at 3.0/5 for investability. Home prices of $238K and rents around $1,211/mo create a solid backdrop for investor activity.
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