Location: Peoria, IL | Metro: Peoria, IL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,660 | $307,045 | 0.54% | F |
| 4BR | $1,830 | $322,038 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 61526 is not predominantly a renter-heavy area. With only 5.8% of the population renting, it is clear that homeownership dominates this market. The median household income stands at $118,393, indicating a relatively affluent community. However, due to the lack of specific market rent data for this ZIP code, we cannot provide an exact percentage of how much of the local income is typically spent on rent.
To make a comparison, we can look at the Fair Market Rent (FMR), which is set at $1,030 for fiscal year 2024. Given the median income, this suggests that the average rent would consume approximately 9.5% of the monthly income, assuming no other significant financial obligations. This is a low percentage, implying that the majority of residents could afford higher rents, which aligns with the overall high-income profile of the area.
Landlords in ZIP 61526 should expect tenants who are financially stable and likely to have a good credit history. The scarcity of voucher demand means that those relying on housing assistance may find it challenging to secure rental properties here. Therefore, landlords can anticipate a tenant pool that is less reliant on government subsidies and more capable of paying market rates. This scenario is beneficial for landlords seeking reliable, long-term tenants without the complexities associated with managing subsidized housing programs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.