Location: Lawrence 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 | $840 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $199,729 | 0.55% | F |
| 3BR | $1,350 | $275,565 | 0.49% | F |
| 4BR | $1,680 | $365,122 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 47462 in Bloomington, IN, has a population of 4,595 residents, with 7.9% being renters. This indicates that the area is primarily dominated by homeowners rather than renters, suggesting that the demand for rental properties, including those utilizing Section 8 vouchers, is relatively low. The median household income stands at $93,785, which is significantly higher than the typical market rent of $732 per month.
To put this into perspective, the average rent of $732 constitutes approximately 8.3% of the median household income. This is a manageable percentage for most households, implying that the majority of residents can afford to pay market rates without relying on housing assistance programs such as Section 8.
The Fair Market Rent (FMR) for ZIP 47462, as set for FY 2024, is $1,020. This figure represents the maximum amount that landlords can charge tenants who receive housing vouchers. Given that the market rent is below the FMR, landlords have some flexibility to increase their rents if they wish to participate in the Section 8 program, but it's important to note that the lower demand for rental properties means fewer potential tenants will be looking for Section 8 vouchers in this area.
A landlord in ZIP 47462 should expect a tenant pool that is largely composed of individuals and families who can afford market-rate rents. While there will be some demand for Section 8 vouchers, it is not expected to be high due to the overall low proportion of renters and the relatively high median income. Tenants here are likely to be financially stable, capable of meeting their monthly obligations without significant assistance.
In summary, ZIP 47462 is not a renter-heavy area with deep voucher demand. Instead, it is an area where homeownership is prevalent, and the demand for rental properties is modest. Landlords should focus on attracting tenants who can pay the market rate, as the likelihood of finding tenants with Section 8 vouchers is lower compared to areas with higher concentrations of renters and lower median incomes.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.