Location: Bloomington, IL | Metro: Bloomington, IL MSA
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 | $920 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $980 | $102,037 | 0.96% | C |
| 2BR | $1,260 | $148,599 | 0.85% | C |
| 3BR | $1,650 | $199,152 | 0.83% | C |
| 4BR | $1,660 | $253,692 | 0.65% | D |
| 5BR | $1,926 | $307,202 | 0.63% | D |
U.S. Census Bureau data (2024)
1100 is the Fair Market Rent (FMR) for ZIP 61701 in Bloomington, IL, for fiscal year 2024, indicating the maximum amount Section 8 participants can pay for housing. 170,898 represents the median home value in the area, suggesting a moderate property market. 43.3 percent of the population are renters, highlighting a significant demand for rental properties. The market rent, measured by ZORI, stands at 1,138, slightly above the FMR, which could be an opportunity for landlords to adjust their pricing strategies. 57,130 is the median income in the area, providing insight into the financial capacity of potential tenants. With a 8-day Days on Market (DOM), it's clear that properties in Bloomington are selling relatively quickly, reflecting a competitive market. Lastly, 0.2 percent of listings are being price-cut, which suggests that the market is stable and that most properties are selling at or near their original asking price.
The disparity between the FMR and the market rent indicates a potential gap where landlords can offer affordable housing solutions while still maintaining profitability. Given the strong tenant demand and quick sales, investing in rental properties in Bloomington appears favorable. However, the slight premium over the FMR might require careful consideration of rental assistance programs to ensure occupancy rates remain high. In conclusion, the Section 8 program is a viable option for landlords in ZIP 61701, offering stability and a pathway to affordable housing for many residents.
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.