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McLean County/Bloomington/61704

61704

ZIPSAFMR
McLean County, IL
Zillow

ZIP Investment Score

70Below average

095130300
BRFMR
Eff. Rent
0 BR$1,050$1,010
1 BR$1,110$1,100
2 BR$1,440$1,530
3 BR$1,890$1,810
4 BR$1,890$1,940
5 BR$2,174Not available
6 BR$2,500Not available
7 BR$2,874Not available
8 BR$3,306Not available

Purchase Price Calculator

Maximum purchase price
$165,441

Cost breakdown

+Likely effective rent$1,530
HUD FMR$1,440
Market rent$1,580
Est. payment standard (106%)Used$1,530
-Principal and interest-$837
Loan amount$132,353
Down payment$33,088
Rate6.50%
Term30 years
-Operating costs-$493
Property taxes-$165
Insurance-$175
Utilities$0
HOA$0
Management-$153
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,663(74.5% ROI)
Projected value
$178,162
Return breakdown
Property appreciation+$12,721
Loan principal paid down+$4,742
Rental cash flow+$7,200
5-year hold
+$42,196(127.5% ROI)
Projected value
$187,181
Return breakdown
Property appreciation+$21,740
Loan principal paid down+$8,456
Rental cash flow+$12,000
10-year hold
+$90,487(273.5% ROI)
Projected value
$211,778
Return breakdown
Property appreciation+$46,337
Loan principal paid down+$20,149
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.04
1 BR
1.01
2 BR
0.91
3 BR
1.04
4 BR
0.96
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 61704 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61704 (Bloomington, IL) is $1,440 a month. That is up 0.7% from $1,430 in FY 2026. Bloomington is in the Bloomington, IL MSA. 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 $1,287. Among 38 ZIP codes in McLean County, 61704 has the 6th-highest two-bedroom rent (county range $1,180–$1,660). The median county two-bedroom FMR in Illinois is $958, so ZIP 61704 is 50% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 61704
BedroomsFY 2027Change90–110% range
Studio$1,050+2.9%$945–$1,155
1BR$1,110+0.9%$999–$1,221
2BR$1,440+0.7%$1,296–$1,584
3BR$1,8900.0%$1,701–$2,079
4BR$1,8900.0%$1,701–$2,079

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 61704
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,050$1,110$1,440$1,890$1,890
FY 2026$1,020$1,100$1,430$1,890$1,890
FY 2025$810$880$1,140$1,510$1,510
FY 2024$840$940$1,190$1,660$1,660
FY 2023$770$880$1,090$1,540$1,750

Two-bedroom rent in nearby McLean County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 61704
61701$1,260−12.5%
61702$1,290−10.4%
61704Current$1,440—
61705$1,590+10.4%
61720$1,330−7.6%
61722$1,420−1.4%
61723$1,180−18.1%
61724$1,180−18.1%
61725$1,660+15.3%
61726$1,180−18.1%
61728$1,180−18.1%
61729$1,260−12.5%

Questions about ZIP 61704 rents

How much will Section 8 pay for a two-bedroom in ZIP 61704?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,287, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,158 to $1,416 a month; under the ZIP-level Small Area FMR of $1,440 it would be $1,296 to $1,584. 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 61704 in?

ZIP 61704 is in the Bloomington, IL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,287.

How much did fair market rent change in ZIP 61704 for FY 2027?

The two-bedroom FMR rose 0.7%, from $1,430 in FY 2026 to $1,440 in FY 2027. Since FY 2023 it has risen 32.1%.

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, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources