Key Economic Benchmarks
Median Household Income
$77,384$6,449 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Bloomington, IL
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Bloomington, IL
Official FY2026 HUD Fair Market Rents for Bloomington, IL MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $927 | $11,124 | $37,080 | 14.4% |
| 1-Bedroom Apartment | $999 | $11,988 | $39,960 | 15.5% |
| 2-Bedroom ApartmentBenchmark | $1,302 | $15,624 | $52,080 | 20.2% |
| 3-Bedroom Home | $1,717 | $20,604 | $68,680 | 26.6% |
| 4-Bedroom Home | $1,724 | $20,688 | $68,960 | 26.7% |
50/30/20 Living Budget in Bloomington, IL
Based on the local median household income of $77,384/year ($6,449/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Illinois
Explore net income after federal income tax, FICA, and Illinois state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Illinois with official federal datasets:
Frequently Asked Questions About Living in Bloomington, IL
What is the median household income in Bloomington, IL?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Bloomington, IL is $77,384 per year (approximately $6,449 per month).
What is the average rent in Bloomington, IL?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Bloomington, IL are $927 for a studio, $999 for 1 bedroom, $1,302 for 2 bedrooms, $1,717 for 3 bedrooms, and $1,724 for 4 bedrooms.
How does the cost of living in Bloomington, IL compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Bloomington, IL is 93.5 (6.5% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Bloomington, IL?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,302/month) in Bloomington, IL requires a minimum gross household income of $52,080 per year ($4,340 per month).
What is a balanced 50/30/20 monthly budget in Bloomington, IL?
For a typical household earning the median income of $77,384/year ($6,449/month) in Bloomington, IL, a balanced 50/30/20 budget allocates $3,224/month to essential needs (rent, utilities, groceries), $1,935/month to discretionary spending, and $1,290/month to savings and debt repayment.
What are typical electricity and utility costs in Bloomington, IL?
Residential electricity rates in Illinois average 19.9¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $179 per month.