Location: Bloomington, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 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 real estate landscape in ZIP 61770 reveals a complex interplay between home values and rental dynamics that will shape the market over the next 12-24 months. With a median home value at $162,748, the area presents an entry point for investors looking to capitalize on potentially undervalued properties. The fact that a significant portion of listings have been reduced—though the exact percentage is not available—indicates a seller's market where pricing power is shifting towards buyers. This reduction suggests that sellers are adjusting their expectations to match the current demand conditions.
The median days on market (DOM) being unavailable points to either a very active market where homes sell quickly, or a less active market where sales are sporadic. In either case, it underscores the importance of understanding local trends and acting swiftly when opportunities arise.
On the rental side, the Fair Market Rent (FMR) for ZIP 61770 in fiscal year 2024 is set at $960, while the current market rent as per the Census ACS is slightly higher at $973. This minor discrepancy suggests a stable rental market with little room for significant price increases. However, it also implies that rental income can be a steady stream for property owners, especially if they can maintain occupancy rates and manage properties efficiently.
For long-term hold investors, the setup in ZIP 61770 is indicative of moderate appreciation potential. Given the median home value and the slight premium in market rents, there is a realistic scenario where property values could inch upwards, driven by gradual economic growth and increasing demand. However, the absence of strong upward pressure on home values and rental prices means that any appreciation will likely be modest rather than exponential. Investors should focus on securing properties at or below the median value and aim for rental yields that exceed the FMR but remain competitive within the local market.
The combination of the median home value, reduced listings, and stable rental prices signals a balanced market. Investors have the opportunity to leverage low home values and potentially benefit from gradual appreciation. However, the setup also suggests that patience and strategic management will be key to realizing returns, rather than relying on rapid market gains.
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.