Bloomington’s Zillow ZHVI typical home value is $271,396, while Zillow ZORI typical observed market rent is $1,368 per month. Their implied gross yield is 6.0% before vacancy, taxes, insurance, maintenance, management, financing, and capital work. ZHVI rose 2.3% year over year and ZORI rose 5.5%, but these changes do not establish a future trend. The value equals 3.5x ACS median household income, while annual ZORI equals 21.2% of that income; neither comparison describes a specific buyer or tenant.
The city has 37,162 housing units; renters hold 38.1% of occupied units. ACS reports a $203,300 median home value and $1,050 median gross rent for surveyed occupied housing, with gross rent including selected utilities. Those ACS medians have different concepts and periods from Zillow’s typical value and observed market rent, so the gap should not be treated as appreciation, a discount, or a matched property spread.
Citywide, 38.4% of renter households are rent-burdened. Single-family homes are 60.9% of housing units, while large multifamily properties are 7.8%; these survey shares do not measure properties available to buy. Of vacant units, 37.5% are classified as for rent, which is not a lease-up estimate. Population increased 1.1% between overlapping ACS vintages, not an annual rate, and boundary changes may matter. Median household income is $77,384, with poverty at 11.0% and unemployment at 2.7%. These figures describe broad demand constraints, not tenant quality, future employment, or property cash flow.
McLean County county context reports a 2.17% property-tax rate, a median 34 days on market, and 13.9% of listings price-reduced; county figures do not measure Bloomington alone or a subject property’s bill and liquidity. The Bloomington, IL metro recorded a 1.53% job decline and 1.9 months of supply; metro labor and resale conditions broaden the demand and exit picture but are not city measures. The national 30-year mortgage rate was 6.58%, a national financing benchmark rather than a quote for any borrower.
Underwriting is therefore most exposed to the mismatch between citywide typical or median measures and an individual asset, plus unknown operating expenses, condition, financing, and achievable rent. Before acting, verify the property’s taxes, insurance, utilities, maintenance history, capital needs, legal use, unit mix, current leases, concessions, arrears, and vacancy. Obtain lender terms, inspect the building, compare truly similar rentals and sales, and stress-test occupancy, turnover, repairs, and exit costs. City vacancy and renter share cannot establish that the property will lease quickly.