Section 8 Fair Market Rent (FMR) for ZIP 61354 - 2027

Location: Putnam County, IL | Metro: Bureau County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$700
1 Bedroom	$770
2 Bedrooms	$980
3 Bedrooms	$1,300
4 Bedrooms	$1,570
5 Bedrooms	$1,821
6 Bedrooms	$2,040
7 Bedrooms	$2,203
8 Bedrooms	$2,313

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

10,290

Median Household Income

$76,392

Housing Units

5,055

Renter Percentage

24.3%

Occupancy Rate

92.6%

Renter Occupied

1,136

Housing Authorities Serving ZIP 61354

Housing Authority for LaSalle County (Ottawa, IL) - 653 Section 8 vouchers
Bureau County Housing Authority (Princeton, IL) - 75 Section 8 vouchers

The town of Peru, located in the heart of Illinois within ZIP code 61354, offers a stable and modest living environment, appealing to both long-term residents and newcomers seeking affordable housing options. The local economy supports a diverse range of industries, providing a solid foundation for steady rental demand.

Fair Market Rent (FMR): For the metro area covering fiscal year 2026, the FMR stands at $960, indicating a clear benchmark for rental pricing that landlords should consider.
Market Rent: According to Census ACS data, the average market rent in Peru is $920, slightly below the FMR but still reflective of a reasonable rental rate.
Median Home Value: At $177,847, the median home value suggests a relatively affordable market for potential property acquisitions.
Renter Share: With 24.3% of residents being renters, there is a significant portion of the population relying on rental properties, ensuring a consistent demand for apartments and houses.
Median Income: The median income of $76,392 provides insight into the financial capability of local tenants, supporting the viability of renting at or near the FMR.

Synthesizing these points, Peru presents a balanced opportunity for landlords and small-portfolio investors. The close alignment between the Fair Market Rent and actual market rents suggests a well-functioning local housing market. Given the median home value and median income, there is a strong basis for acquiring properties at favorable prices and maintaining a healthy occupancy rate. The 24.3% renter share ensures that there will be a steady demand for rental units, making Peru a reliable choice for those looking to invest in a stable real estate market.

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.