Location: Knox County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
U.S. Census Bureau data (2024)
4.7% of residents in ZIP 61489 are renters, indicating a modest demand for rental properties in the area. The $810 Fair Market Rent (FMR) set for zip code 61489 for fiscal year 2024 provides a benchmark for rental pricing, which is notably higher than the $642 market rent reported by the Census Bureau's American Community Survey. This discrepancy suggests that the federal guidelines may offer a more generous compensation to landlords participating in the Section 8 program.
$138,357 is the median home value in the region, reflecting a stable housing market. However, the median income of $98,125 might pose challenges for potential homeowners, especially those looking to purchase properties at or near the median home value. This could further solidify the rental market as an attractive option for both tenants and landlords.
The absence of specific data on days on market (DOM) and the percentage of price-cut shares indicates either a lack of significant inventory turnover or a limitation in the available data. Despite these gaps, the comparison between the FMR and market rent figures provides valuable insight into the economic realities faced by landlords and tenants alike.
In ZIP 61489, the $810 FMR represents a substantial increase over the $642 market rent, offering landlords a competitive advantage when it comes to maintaining or increasing their rental income without exceeding the affordability threshold for many tenants. This makes the Section 8 program a viable and profitable option for landlords willing to participate, given the stable median home values and the reasonable gap between FMR and actual market rents.
The verdict on Section 8 participation in ZIP 61489 is positive, with the higher FMR providing a financial buffer that can help offset the administrative complexities often associated with the program. Landlords can expect steady income while potentially serving a community in need of affordable housing solutions.
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.