Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 61369 presents a unique opportunity for both landlords and small-portfolio investors. With a median home value of $109,352, this area stands out for its affordability, which is a key factor in attracting tenants and buyers. The median days on market (DOM) being listed as N/A suggests either a very active market where homes sell quickly, or a less active market with limited inventory. This ambiguity is further compounded by the N/A% of listings that have been reduced, indicating that there might be stable pricing dynamics at play.
On the rental side, the Fair Market Rent (FMR) for ZIP 61369 in fiscal year 2024 is set at $830. However, current market rents as per the Census ACS data hover around $860. This slight premium over the FMR signals that there is a modest level of demand for rental properties in the area, allowing landlords to potentially maintain or slightly increase their rents without significant pushback from tenants.
For long-term investors, the setup in ZIP 61369 implies a market that is likely to experience gradual appreciation rather than rapid growth. The combination of an affordable median home value and a rental market that slightly exceeds FMR suggests a balanced environment where neither extreme buyer nor tenant demand is driving the market. Instead, steady population growth and economic stability could support moderate price increases over the next 12 to 24 months. Long-hold investors should expect an annual appreciation rate that aligns with broader regional trends, typically ranging from 2% to 3%, barring any unforeseen economic disruptions.
In summary, the current metrics point towards a market that favors stability and gradual growth, making it suitable for those looking to build a consistent income stream through rentals or to hold onto properties for steady appreciation. The absence of significant price reductions among listings and the slight advantage in market rents over FMRS indicate a resilient local economy capable of supporting property values and rental incomes.
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.