Section 8 Fair Market Rent (FMR) for ZIP 47404 - 2027

Location: Owen County, IN | Metro: Bloomington, IN HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,020
1 Bedroom	$1,110
2 Bedrooms	$1,270
3 Bedrooms	$1,620
4 Bedrooms	$1,960
5 Bedrooms	$2,274
6 Bedrooms	$2,547
7 Bedrooms	$2,751
8 Bedrooms	$2,889

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,744

Median Household Income

$61,389

Housing Units

11,719

Renter Percentage

42.2%

Occupancy Rate

87.3%

Renter Occupied

4,321

Housing Authorities Serving ZIP 47404

Housing Authority of the City of Bloomington (Bloomington, IN) - 1,696 Section 8 vouchers

Bloomington, IN, specifically ZIP code 47404, is a vibrant area known for its mix of residential and academic environments, largely influenced by Indiana University. This analysis provides insights into the rental market dynamics, focusing on key metrics that are crucial for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 47404 in fiscal year 2024 is set at $1,100, which serves as a benchmark for affordable housing standards.
The market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,509, reflecting the actual rental rates paid by tenants in the area.
The median home value in this ZIP code is $312,169, providing a snapshot of the overall property values.
Renters make up 42.2% of the population, indicating a significant demand for rental properties.
The median household income is $61,389, suggesting the financial capacity of residents to afford current rental prices.

Investors can leverage these figures to understand the rental market's potential in ZIP 47404. With the FMR significantly lower than the market rent, there is room for pricing flexibility while still offering affordable options. The substantial renter share and median income levels support the viability of rental investments, aligning with the demand for housing. These factors collectively suggest a stable and potentially profitable market for those willing to invest in rental properties.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.