Location: Owen County, IN | Metro: Bloomington, IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,110 | $192,119 | 0.58% | F |
| 2BR | $1,270 | $236,679 | 0.54% | F |
| 3BR | $1,620 | $309,648 | 0.52% | F |
| 4BR | $1,960 | $392,911 | 0.5% | F |
| 5BR | $2,274 | $484,257 | 0.47% | F |
U.S. Census Bureau data (2024)
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.
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). Median home prices from Zillow (2026-07-31). 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.