Location: La Salle County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 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 ZIP code 61377 stands out due to its unique mix of demographic and economic factors. With a population of 1,441 residents, it has a rental rate of 30.5%, indicating a modest but present demand for rental housing. The median income in this area is $57,321, which is relatively low compared to the median home value of $121,616. This suggests that homeownership is less accessible to many residents, potentially increasing reliance on rental properties.
Turning to the specifics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 61377 in fiscal year 2024 is set at $820. In contrast, the market rent based on Census American Community Survey (ACS) data is slightly higher at $866. This difference means landlords can expect a small premium when accepting vouchers, though the gap is not significant enough to dramatically impact profitability. However, the consistency between FMR and market rent indicates that voucher holders can generally find housing within their budget, which supports stable occupancy rates.
The data signature for ZIP 61377 reads as "stable." Despite the relatively low median income, the modest rental demand and the close alignment between FMR and market rents suggest a balanced market where both landlords and tenants can operate predictably. For small-portfolio investors, this stability offers a reliable investment environment, with predictable cash flows and minimal risk of sudden market shifts. While opportunities for high returns might be limited, the steady state of the market ensures consistent performance, making it an attractive option for conservative investors.
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.