Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 61483 stands out with a unique mix of characteristics that make it an interesting market for real estate investors. With a population of 1,801 residents, 23.1% of whom rent their homes, the area has a relatively low rental rate compared to other regions. The median income in ZIP 61483 is $63,558, which places it squarely in the middle-income bracket. Additionally, the median home value is $141,066, indicating that homeownership is accessible but also suggesting that the local economy might be facing some challenges.
Moving into the specifics of the voucher economics, the Fair Market Rent (FMR) for ZIP 61483 in fiscal year 2024 is set at $810. This is notably higher than the market rent, which according to the Census ACS data, is around $705. This discrepancy can be advantageous for landlords who participate in the Section 8 program, as they can receive a higher rent payment compared to the typical market rate. However, it's important to note that the higher FMR does not necessarily reflect an increase in the actual market rent, and landlords should consider the broader economic context of the area before making any decisions.
Given the data signature of ZIP 61483, the area appears to be stable rather than transitional. The relatively modest median home value and median income suggest a steady, middle-class community. The slightly elevated FMR for Section 8 vouchers provides a cushion for landlords, but it is unlikely to significantly alter the overall housing dynamics. Landlords and small-portfolio investors should focus on understanding the local tenant base and ensuring that properties meet the necessary standards for the Section 8 program to maximize the benefits of this economic environment.
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.