Average Rent in Bloomington, IL↓ Rents falling 22.7% YoY🔻 4th cheapest in IL

Bloomington, IL has rental prices ranging from $603/month to $1,477/month in 2021, depending on unit size. The typical 1-bedroom apartment rents for $682/month — 51% below the national average of $1,400/month. With a median household income of $78,329/year, spending $682/month on a 1-bedroom represents 10% of gross income — within the recommended 30% threshold.

How Bloomington Compares

With an average 2-bedroom rent of $853/month, Bloomington ranks #84 most expensive of the 87 cities tracked in Illinois — more affordable than 91% of all US cities in our data.

The Bloomington Rental Market

The Bloomington, IL area has a population of about 170,882 and 35% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Bloomington, IL have fallen by $250/month (22.7%) over the past year, from $1,103 to $853. This rate of decrease is significant and reflects softening demand or increased inventory in the local market.

Affordability

To afford a 1-bedroom apartment in Bloomington, IL without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $27,280. The local median household income of $78,329 exceeds that threshold by $51,049, making Bloomington relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Bloomington, IL is $269,429, giving a price-to-rent ratio of 26.3. With a break-even horizon of approximately 26 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Is Bloomington, IL Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Bloomington?

Break-even analysis and mortgage estimates based on local market data.

Living in Bloomington

Cost of living, job market, crime rates, and moving cost estimates.