Location: Bloomington, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61776 in fiscal year 2024 is set at $1370. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is the payment standard, not necessarily the rent you'll receive from individual tenants. The actual rent paid by a tenant will be their portion plus the subsidy from the housing authority.
To put this into perspective, the average market rent for ZIP code 61776, according to recent Census American Community Survey (ACS) data, is approximately $1,000. This indicates that the FMR for Section 8 is higher than the typical market rate, which could make it an attractive option for landlords looking to secure steady rental income.
The 6.2% share of renters in the area suggests there is a moderate level of demand for rental properties. While this percentage might seem low, it translates to a significant number of potential tenants who could benefit from Section 8 assistance, given the population size of the ZIP code. This means that landlords can expect a reasonable pool of applicants interested in Section 8 housing.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in ZIP code 61776 is around $267,664. This figure represents a good starting point for understanding the acquisition cost of a property in this area. Given the FMR of $1370, you can calculate your potential monthly cash flow and determine if the investment aligns with your financial goals.
Before proceeding with a Section 8 rental in ZIP code 61776, ensure that the property meets the Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and must be met for the property to qualify for the program. A thorough inspection and any necessary repairs to meet HQS criteria are critical steps that should not be overlooked.
In summary, the FMR of $1370 provides a clear benchmark for rental pricing under Section 8 in ZIP code 61776. With an average market rent of $1,000, Section 8 can offer a competitive edge in terms of income stability. The 6.2% renter share points to a viable demand, and the median home value gives insight into the cost of entry. However, compliance with HQS is non-negotiable and should be verified to avoid future complications.
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.