ZIP Code · IN

ZIP 47408

Part of Bloomington, IN

Pop. 23,053·Monroe County·1st most expensive ZIP in Indiana

Median rent (all units)

$2,340/mo

Year-over-Year

+5.9%

Month-over-Month

+1.3%

vs US Median

+$408

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 47408 · $2,340

More expensive than 75% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$960

1 BR

$1,060

2 BR

$1,200

3 BR

$1,560

4 BR+

$1,890

Research median

$1,200/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 47408 is at its highest level since Zillow's records here began in March 2022.

Past year vs. the rest of Indiana

Rent in ZIP 47408 changed +5.9% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.

Recent direction

Rent rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($45,644) is $1,141 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,060); a 2-bedroom is $1,200.

Rank in Bloomington

4th cheapest of 4 ZIP codes in Bloomington.

Cheaper nearby

ZIP 47404, 7 miles away, rents for 30% less ($1,634/mo), about $8,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 47408. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$28,080/yr

At $2,340/mo median

Location

CityBloomington

StateIN

CountyMonroe County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 5.9% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+5.9% YoY, +1.3% MoM), not inventory.

Demographics

Who lives here

ZIP 47408 (Bloomington, IN) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 57% of residents hold a bachelor's degree or higher.

Population

23,053

Median income

$45,644

Median age

23.3

Renters

64.2%

Age distribution

59.7%

13.5%

12%

Under 188.9%

18–3459.7%

35–5413.5%

55–645.8%

65+12%

Gender

53.4%

46.6%

Male53.4%

Female46.6%

Race & ethnicity

80.9%

White80.9%

Black2%

Hispanic4.8%

Asian9.6%

Other2.7%

Education (25+)

16.8%

22.8%

57%

No HS diploma3.4%

HS diploma16.8%

Some college22.8%

Bachelor's+57%

Housing tenure

35.8%

64.2%

Owner35.8%

Renter64.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2022 vs 2026

How ZIP 47408 in Bloomington, IN has changed in 5 years

Rent

$1,736 → $2,340

up 34.8%

Income

$38,910 → $45,644

up 17.3%

Population

21,752 → 23,053

up 6.0%

Renter share

64.4% → 64.2%

-0.2 pts

Bachelor's+

56% → 57%

+1.0 pts

Median age

24.5 → 23.3

-1.2 yrs

Compared with 2022, rent in ZIP 47408 in Bloomington, IN has increased by $604 per month, settling near $2,340 after starting the period at $1,736. Local incomes tracked alongside that move, going from a median of $38,910 in 2021 to $45,644 more recently. Rent outpaced income growth by roughly 17.5 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 21,752 to 23,053 between 2021 and 2024, a 6.0% change. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 47408 in Bloomington, IN market of 2022.

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About renting in ZIP 47408

Last updated: October 17, 2026

ZIP code 47408 covers Bloomington, IN. The median rent here is $2,340/mo as of October 2026. A 1-bedroom rents for a median of $1,060/mo. A 2-bedroom rents for a median of $1,200/mo.

At 62% of local median household income ($45,644/yr), ZIP 47408 ranks as expensive compared to the national benchmark of 30%. Rents have increased 5.9% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 47408?

To keep rent at or below 30% of gross income, you would need to earn at least $94,000/year (about $45/hour full-time) to afford the median rent of $2,340/mo in ZIP 47408. The local median household income is $45,644/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 47408?

Rent in ZIP 47408 has risen 5.9% over the past year as of September 2026. That is the highest level since Zillow's records here began in March 2022.

How does ZIP 47408 compare to other ZIPs in Indiana?

ZIP 47408 is one of the pricier among Indiana ZIP codes for rent, ranking #1 of 139 at $2,340/mo. Over the year to September 2026, rent in ZIP 47408 changed +5.9%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.