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Owen County/Bloomington/47404

47404

ZIPSAFMR
Owen County, IN
Zillow

ZIP Investment Score

77Below average

095130300
BRFMR
Eff. Rent
0 BR$1,020$1,120
1 BR$1,110$1,220
2 BR$1,270$1,400
3 BR$1,620$1,780
4 BR$1,960$2,160
5 BR$2,254Not available
6 BR$2,592Not available
7 BR$2,981Not available
8 BR$3,428Not available

Purchase Price Calculator

Maximum purchase price
$146,123

Cost breakdown

+Likely effective rent$1,400
HUD FMR$1,270
Market rent$1,480
Est. payment standard (110%)Used$1,400
-Principal and interest-$739
Loan amount$116,898
Down payment$29,225
Rate6.50%
Term30 years
-Operating costs-$461
Property taxes-$146
Insurance-$175
Utilities$0
HOA$0
Management-$140
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,624(77.4% ROI)
Projected value
$157,358
Return breakdown
Property appreciation+$11,235
Loan principal paid down+$4,188
Rental cash flow+$7,200
5-year hold
+$38,670(132.3% ROI)
Projected value
$165,325
Return breakdown
Property appreciation+$19,202
Loan principal paid down+$7,469
Rental cash flow+$12,000
10-year hold
+$82,723(283.1% ROI)
Projected value
$187,050
Return breakdown
Property appreciation+$40,927
Loan principal paid down+$17,796
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.82
1 BR
0.85
2 BR
0.86
3 BR
0.85
4 BR
0.83
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 47404 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47404 (Bloomington, IN) is $1,270 a month. That is up 2.4% from $1,240 in FY 2026. Bloomington is in the Owen County, IN HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,014. Among 15 ZIP codes in Owen County, 47404 has the 2nd-highest two-bedroom rent (county range $1,010–$1,280). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47404 is 17% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 47404
BedroomsFY 2027Change90–110% range
Studio$1,020+3.0%$918–$1,122
1BR$1,110+0.9%$999–$1,221
2BR$1,270+2.4%$1,143–$1,397
3BR$1,620+0.6%$1,458–$1,782
4BR$1,960+0.5%$1,764–$2,156

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 47404
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,020$1,110$1,270$1,620$1,960
FY 2026$990$1,100$1,240$1,610$1,950
FY 2025$970$1,090$1,240$1,640$1,950
FY 2024$830$960$1,100$1,510$1,770
FY 2023$780$910$1,070$1,500$1,770

Two-bedroom rent in nearby Owen County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 47404
47404Current$1,270—
47424$1,080−15.0%
47427$1,010−20.5%
47431$1,010−20.5%
47433$1,010−20.5%
47455$1,010−20.5%
47456$1,100−13.4%
47459$1,090−14.2%
47460$1,090−14.2%
47471$1,010−20.5%
47833$1,060−16.5%
47841$1,010−20.5%

Questions about ZIP 47404 rents

How much will Section 8 pay for a two-bedroom in ZIP 47404?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,014, which applies unless the housing authority uses Small Area FMRs, that basic range is $913 to $1,115 a month; under the ZIP-level Small Area FMR of $1,270 it would be $1,143 to $1,397. 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 ZIP 47404 in?

ZIP 47404 is in the Owen County, IN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,014.

How much did fair market rent change in ZIP 47404 for FY 2027?

The two-bedroom FMR rose 2.4%, from $1,240 in FY 2026 to $1,270 in FY 2027. Since FY 2023 it has risen 18.7%.

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 Small Area Fair Market Rents and area FMRs. 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

County fair market rentBloomington, IN fair market rentIN statewide rentsWhat is SAFMR?Data sources