Location: Bureau County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
22.1% of residents in ZIP 61314 are renters, indicating a significant portion of the population relies on rental housing. In this context, the $820 Fair Market Rent (FMR) for zip FY 2024 represents the benchmark for rental costs supported by the Section 8 program. Comparatively, the $1,101 market rent figure from the Census ACS highlights that properties renting above the FMR could still attract tenants willing to pay more. However, the median income of $52,039 suggests that many renters might struggle to afford market rates without assistance. Given the absence of specific data on days on market (DOM) and the percentage of price-cut share, it's challenging to assess the speed and flexibility of the local real estate market. Nevertheless, landlords and small-portfolio investors can leverage the Section 8 program to ensure steady rental income while providing affordable housing options. The disparity between the FMR and market rent points to a potential demand for subsidized housing units, making Section 8 participation a strategic move for maintaining occupancy rates and financial stability. In conclusion, ZIP 61314 presents a viable opportunity for Section 8 investment, particularly for properties priced near or at the FMR.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.