Location: Bloomington, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 61722 as determined by HUD for fiscal year 2024 is $1,260. In comparison, the market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $1,113. This indicates that voucher tenants can generally cashflow at the FMR rate, providing a positive financial outlook for landlords and small-portfolio investors.
To derive the rent-to-price ratio, we consider the median home value of $190,109. Given the market rent of $1,113, the annual rental income would be approximately $13,356. This results in a rent-to-price ratio of about 7%, which is favorable for investors looking to balance between rental income and property value.
Unfortunately, specific data on median days on market (DOM) and the percentage of price cuts for ZIP 61722 is not readily available. However, this information typically matters when assessing the dynamics between renting and buying. In the absence of such data, it is important to note that the overall economic conditions in the area, including employment trends, should be monitored to ensure stability.
The strongest investor angle in ZIP 61722 is likely to be cashflow. Given the discrepancy between the HUD FMR and the actual market rent, landlords can expect a steady and reliable source of income from voucher tenants without significant risk to their investment.
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.