Location: Bureau County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The ZIP code 61421 stands out due to its unique demographic and economic characteristics. With only 1,231 residents, it has a relatively low population density. A significant portion of these residents, 15.8%, rent their homes, indicating a notable but not overwhelming demand for rental properties. The median income in this ZIP code is $65,833, which is modest but sufficient for most households to afford housing. However, the median home value of $119,773 suggests that homeownership is somewhat expensive relative to income levels.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 61421 in fiscal year 2024 is set at $960. This figure is notably higher than the market rent average reported by the Census Bureau's American Community Survey, which stands at $841. This discrepancy indicates that landlords who accept Section 8 vouchers can expect to receive rents above the typical market rate, providing an incentive to participate in the program despite the bureaucratic processes involved.
The data signature of ZIP 61421 reads as stable rather than transitional. The low population growth and consistent median income suggest that there are few immediate changes expected in the area's economic profile. Additionally, the relatively high median home value implies a certain level of investment and stability in the local real estate market. For landlords and small-portfolio investors, this stability means that they can rely on predictable income streams and fewer risks associated with rapid demographic shifts.
To summarize, ZIP 61421 offers a balanced environment for real estate investment, particularly for those considering Section 8 tenants. The higher FMR compared to market rates ensures that landlords can charge rents that are competitive and potentially above average, making it a viable option for those looking to invest in a stable, albeit small, 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.