Location: Putnam County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP 61336 in relation to Section 8 housing reveals several potential issues that landlords should be aware of. First, tenant turnover could pose a significant challenge. The market rent stands at $1,557, which is nearly double the Fair Market Rent (FMR) of $810 for FY 2024. This disparity suggests that tenants might struggle to afford the higher market rent, leading to frequent moves and increased vacancy periods.
Vacancy exposure is another concern. With the Days on Market (DOM) data not available, it's difficult to predict how long properties might remain vacant between tenancies. High vacancy rates can significantly impact cash flow, especially when combined with the need for deferred maintenance. The lack of typical home value data further complicates the assessment, but the median income of $92,298 provides some insight into the financial stability of residents. However, this figure does not necessarily correlate with the ability to pay higher rents outside of the Section 8 program.
Despite these risks, there is a strong mitigating factor: the 18.6% renter share in the area. High renter density typically indicates a robust demand for rental housing, including Section 8 vouchers. This demand can help ensure consistent tenancy and reduce the likelihood of extended vacancy periods.
In summary, the risks associated with Section 8 investments in ZIP 61336 include potential tenant turnover due to the significant gap between market rent and FMR, as well as uncertainty around vacancy exposure and deferred maintenance costs. However, the high renter density suggests a steady demand for affordable housing options. Given these factors, the overall risk for a first-time Section 8 landlord in ZIP 61336 is moderate.
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.