Location: Bloomington, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
To classify ZIP code 61737 based on yield and stability, we must consider the Fair Market Rent (FMR), home values, renter population, and median income. The FMR for ZIP 61737 in fiscal year 2024 is $890. This figure is critical for determining potential rental yields, especially when compared against the typical home value of $223,782. The median income in this area is $83,750, which provides insight into the economic stability and ability of residents to pay rent.
The yield analysis reveals that this ZIP code offers a moderate rental yield. With an FMR of $890, landlords can expect a monthly rental income that aligns closely with what tenants can afford. However, given the high home value relative to the FMR, it suggests that rental properties may not offer exceptionally high returns compared to the investment required. For instance, if a property is valued at $223,782 and rented out at $890 per month, the annual rental income would be approximately $10,680, which represents a yield of about 4.8% based on the property's value. This indicates a scenario where the returns are modest but reasonable for the region.
Regarding stability, the ZIP code shows a low percentage of renters at 5.6%, which implies a less volatile market due to fewer turnovers and a potentially higher occupancy rate. However, without data on the average days on market (DOM), it is challenging to fully assess the ease of renting out properties. The median income of $83,750 suggests that residents have a stable financial base, likely leading to consistent rental payments and lower risk of default.
In conclusion, ZIP 61737 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it presents characteristics of a moderately stable market with modest yields. The combination of a reasonable FMR, a relatively high median income, and a low percentage of renters points towards a zone where investments can provide steady cash flow, albeit not at exceptionally high rates. Landlords and small-portfolio investors should find this environment predictable and suitable for long-term holdings rather than quick flips.
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.