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IL/McLean County/Merna

Merna, IL

CityFMR
McLean County
Found 1 ZIP
Zillow
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City Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$941$1,040
1 BR$996$1,100
2 BR$1,287$1,420
3 BR$1,685$1,850
4 BR$1,691$1,860
5 BR$1,945Not available
6 BR$2,236Not available
7 BR$2,572Not available
8 BR$2,958Not available

Purchase Price Calculator

Maximum purchase price
$149,095

Cost breakdown

+Likely effective rent$1,420
HUD FMR$1,287
Market rent$1,590
Est. payment standard (110%)Used$1,420
-Principal and interest-$754
Loan amount$119,276
Down payment$29,819
Rate6.50%
Term30 years
-Operating costs-$466
Property taxes-$149
Insurance-$175
Utilities$0
HOA$0
Management-$142
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,937(76.9% ROI)
Projected value
$160,559
Return breakdown
Property appreciation+$11,464
Loan principal paid down+$4,273
Rental cash flow+$7,200
5-year hold
+$39,213(131.5% ROI)
Projected value
$168,687
Return breakdown
Property appreciation+$19,592
Loan principal paid down+$7,621
Rental cash flow+$12,000
10-year hold
+$83,918(281.4% ROI)
Projected value
$190,854
Return breakdown
Property appreciation+$41,759
Loan principal paid down+$18,158
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.76
1 BR
0.75
2 BR
0.81
3 BR
0.87
4 BR
0.74
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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Merna, IL fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in Merna, IL is $1,287 a month. That is down 1.2% from $1,302 in FY 2026. Merna is in the Bloomington, IL MSA. The median county two-bedroom FMR in Illinois is $958, so Merna is 34% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for Merna, IL
BedroomsFY 2027Change90–110% range
Studio$941+1.5%$847–$1,035
1BR$996−0.3%$896–$1,096
2BR$1,287−1.2%$1,158–$1,416
3BR$1,685−1.9%$1,517–$1,854
4BR$1,691−1.9%$1,522–$1,860

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for Merna, IL
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$941$996$1,287$1,685$1,691
FY 2026$927$999$1,302$1,717$1,724
FY 2025$770$835$1,080$1,426$1,432
FY 2024$782$869$1,103$1,536$1,541
FY 2023$698$793$987$1,394$1,583

Questions about Merna, IL rents

How much will Section 8 pay for a two-bedroom in Merna, IL?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,287, that basic range is $1,158 to $1,416 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is Merna, IL in?

Merna, IL is in the Bloomington, IL MSA. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in Merna, IL for FY 2027?

The two-bedroom FMR fell 1.2%, from $1,302 in FY 2026 to $1,287 in FY 2027. Since FY 2023 it has risen 30.4%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Fair Market Rents. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

61758 FMRCounty fair market rentIL statewide rentsWhat is SAFMR?Data sources