Location: Bureau County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
U.S. Census Bureau data (2024)
The ZIP code 61345, with a population of 770, is not predominantly characterized by renters; only 10.2% of the residents are renters. This indicates that the area is primarily dominated by homeowners rather than a heavy renter presence. The median household income stands at $76,250, which places the average renter in a relatively strong financial position.
A typical market rent of $850 represents approximately 1.1% of the median household income when calculated on an annual basis. This means that the rent eats up about 11% of the monthly income, assuming a standard two-months' rent calculation. The Federal Market Rent (FMR) for the area is $820 for fiscal year 2024, indicating that the market rent is slightly above the FMR but remains competitive.
Given the low percentage of renters and the higher median income, landlords in ZIP 61345 can expect a tenant pool that is financially stable and likely to manage rental payments without significant issues. However, due to the scarcity of vouchers, landlords might find fewer tenants relying solely on Section 8 vouchers. Instead, they should anticipate tenants who may use a combination of vouchers and personal funds to cover their rent, or those who do not require any assistance at all.
To summarize, ZIP 61345 is not a high-demand area for pure Section 8 voucher holders. Landlords should prepare for a tenant base that is capable of contributing to rent with their own resources, potentially supplemented by partial voucher assistance. The area's income levels suggest a market where tenants can afford the $850 rent, making it a viable investment for small-portfolio landlords looking for steady, reliable tenants.
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.