Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
850 is the Fair Market Rent (FMR) for ZIP code 61516 as of fiscal year 2024, setting a benchmark for rental properties in the area. 950 represents the average market rent according to the Census ACS, indicating a slight premium over the FMR for landlords who can justify higher rates. 157,015 is the median home value in the region, reflecting a relatively stable housing market. 2.6% is the share of renters in the area, suggesting a modest demand for rental properties compared to homeownership. 81,833 is the median income level, which is critical for understanding the financial capacity of potential tenants. N/A indicates that there's no data available on the days-on-market (DOM), possibly due to limited transactions or reporting issues. Similarly, N/A shows that there's no information on the percentage of homes that have had their prices cut, which could imply a strong seller's market or a lack of distressed sales.
Investors considering Section 8 participation in ZIP 61516 must weigh these factors carefully. The FMR at 850 is lower than the market rent at 950, but it aligns closely with the median income at 81,833, making it a viable option for tenants. However, the low renter share at 2.6% suggests that there might be fewer applicants relative to the number of available rental units. This could mean that landlords might need to consider additional marketing efforts or improvements to attract Section 8 tenants.
The absence of data on DOM and price-cut share doesn't provide insights into the broader housing market dynamics, but it does indicate a potentially robust market where homes aren't lingering unsold or undergoing significant price adjustments. For landlords looking to participate in the Section 8 program, it's important to ensure that their property meets the required standards and that they are prepared to work with the government agency to manage their rental units effectively.
Verdict: Suitable for Section 8 participation with careful consideration of tenant demand and property management requirements.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.