Location: Bloomington, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The median income in ZIP code 61724 stands at $81,250, which places it slightly below the market rate for rent at $869 per month as reported by the Census ACS. This indicates a challenging affordability gap for renters in the area. The Federal Market Rent (FMR) standard for vouchers in ZIP 61724 for fiscal year 2024 is set at $940, which is higher than both the median income-based affordability and the current market rate.
Given that only 9.9% of the population are renters and the total population is 369, the competition among landlords for tenants is likely to be intense. Landlords must consider the implications of these figures on their rental strategies. Voucher holders have a higher payment threshold, potentially offering more financial stability and security compared to cash-paying tenants who might struggle to meet the market rate based on the median income levels.
To summarize, landlords in ZIP 61724 should recognize the financial strain many potential tenants face when trying to cover the $869 market rate. Accepting voucher payments at the $940 FMR standard could provide a competitive advantage, ensuring a steady and reliable stream of income. However, landlords must also weigh the administrative complexity and potential delays associated with voucher programs against the benefits of attracting financially stable tenants.
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.