Bloomington's housing market has already been deemed inaccessible by many in the city. Renters feel they're paying too much, and homebuyers often feel constricted.
It's hard to describe the crisis or define it accurately because of its many causes. But experts and people impacted by high costs alike say something needs to change.
Average income, above-average housing prices
According to Zillow, Bloomington’s average rent in June was nearly $2,000 (sources vary, however). Average home listing prices have risen by around $66,500 in five years, more than 16%. In eight years, they’ve risen by almost $130,000, almost a 38% jump. The apartment-reported vacancy rate is around 4%.
Neilsberg Research found that average household income in Bloomington was near-stagnant at around $60,000 between 2020 and 2023, the last year with available data. By July 2024, statistics compiled by Atlantafed.org show Bloomington residents were spending over a third of their earnings for homeownership.
American financial services firm Morningstar says, "A general rule of thumb is that the most you should spend on housing is 28% of your income." So, why is housing so expensive in Bloomington? What is causing housing prices to explode? There are countless reasons why the city’s housing market isn’t accessible for a large portion of its population.