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McLean County/Bloomington/61705

61705

ZIPSAFMR
McLean County, IL
Zillow

ZIP Investment Score

54Below average

095130300
BRFMR
Eff. Rent
0 BR$1,160$930
1 BR$1,230$1,170
2 BR$1,590$1,550
3 BR$2,080$1,720
4 BR$2,090$1,980
5 BR$2,404Not available
6 BR$2,764Not available
7 BR$3,179Not available
8 BR$3,655Not available

Purchase Price Calculator

Maximum purchase price
$168,413

Cost breakdown

+Likely effective rent$1,550
HUD FMR$1,590
Market rentUsed$1,550
Est. payment standard (98%)$1,560
-Principal and interest-$852
Loan amount$134,730
Down payment$33,683
Rate6.50%
Term30 years
-Operating costs-$498
Property taxes-$168
Insurance-$175
Utilities$0
HOA$0
Management-$155
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,976(74.2% ROI)
Projected value
$181,362
Return breakdown
Property appreciation+$12,949
Loan principal paid down+$4,827
Rental cash flow+$7,200
5-year hold
+$42,739(126.9% ROI)
Projected value
$190,544
Return breakdown
Property appreciation+$22,131
Loan principal paid down+$8,608
Rental cash flow+$12,000
10-year hold
+$91,681(272.2% ROI)
Projected value
$215,583
Return breakdown
Property appreciation+$47,170
Loan principal paid down+$20,511
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.25
1 BR
1.05
2 BR
1.03
3 BR
1.21
4 BR
1.06
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 61705 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61705 (Bloomington, IL) is $1,590 a month. That is down 1.9% from $1,620 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, 61705 has the 2nd-highest two-bedroom rent (county range $1,180–$1,660). The median county two-bedroom FMR in Illinois is $958, so ZIP 61705 is 66% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 61705
BedroomsFY 2027Change90–110% range
Studio$1,160+0.9%$1,044–$1,276
1BR$1,230−0.8%$1,107–$1,353
2BR$1,590−1.9%$1,431–$1,749
3BR$2,080−2.8%$1,872–$2,288
4BR$2,090−2.3%$1,881–$2,299

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 61705
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,160$1,230$1,590$2,080$2,090
FY 2026$1,150$1,240$1,620$2,140$2,140
FY 2025$960$1,040$1,340$1,770$1,780
FY 2024$960$1,060$1,350$1,880$1,890
FY 2023$820$930$1,160$1,640$1,860

Two-bedroom rent in nearby McLean County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 61705
61701$1,260−20.8%
61702$1,290−18.9%
61704$1,440−9.4%
61705Current$1,590—
61720$1,330−16.4%
61722$1,420−10.7%
61723$1,180−25.8%
61724$1,180−25.8%
61725$1,660+4.4%
61726$1,180−25.8%
61728$1,180−25.8%
61729$1,260−20.8%

Questions about ZIP 61705 rents

How much will Section 8 pay for a two-bedroom in ZIP 61705?

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 $1,590 it would be $1,431 to $1,749. 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 61705 in?

ZIP 61705 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 61705 for FY 2027?

The two-bedroom FMR fell 1.9%, from $1,620 in FY 2026 to $1,590 in FY 2027. Since FY 2023 it has risen 37.1%.

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