Location: Knox County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
810 is the Fair Market Rent (FMR) for ZIP 61449 as of fiscal year 2024, providing a benchmark for rental properties in the area. 99,059 represents the median home value, indicating the typical cost of homeownership in this ZIP code. 5.9% is the share of renters in the population, suggesting a modest demand for rental units relative to the total housing market. 51,635 is the median income, which is critical for understanding the financial capacity of potential tenants. The data does not provide a specific figure for days on market (DOM), leaving us without insights into how quickly rental properties are typically filled. Similarly, the lack of a percentage for price-cut share means we cannot assess how often landlords need to reduce their asking prices to attract tenants.
810 FMR indicates that landlords can charge up to this amount for a two-bedroom unit under the Section 8 program. However, the absence of market rent data complicates direct comparisons between Section 8 rates and what the open market might bear. 99,059 median home value suggests that the area is moderately priced, but it's the 5.9% renter share that paints a picture of limited demand for rentals. This percentage is relatively low, implying that many residents prefer homeownership over renting, which could affect the pool of potential Section 8 tenants.
51,635 median income is another key figure, showing that the average household income is below the national median. This could impact the ability of residents to contribute to rent beyond the Section 8 subsidy, potentially leading to higher vacancy rates if landlords rely too heavily on tenant contributions. Given the lack of detailed market data such as DOM and price-cut share, it's difficult to predict how competitive the rental market will be, but the overall economic indicators suggest caution.
The verdict for Section 8 in ZIP 61449 is cautiously optimistic, given the moderate FMR and median home values, but landlords must be prepared for lower tenant income levels and possibly slower tenancy cycles.
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.