Location: Knox County, 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 | $730 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $970 | $142,970 | 0.68% | D |
| 3BR | $1,250 | $186,382 | 0.67% | D |
| 4BR | $1,370 | $253,538 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 61529, located in Elmwood, Illinois, presents an interesting mix of yield and stability factors that landlords and small-portfolio investors should consider. The Fair Market Rent (FMR) for ZIP 61529 in fiscal year 2024 is set at $810. This is notably higher than the market rent of $753, indicating a potential opportunity for above-average rental income. However, the median home value of $178,926 suggests a relatively stable housing market, which can support consistent cash flow.
On the stability front, Elmwood has a renter population of 18.7%. While this percentage is not exceptionally high, it does indicate a smaller pool of potential tenants, which could affect vacancy rates and the ease of finding new residents. Unfortunately, the data on days on market (DOM) is not available, which would have provided insight into how quickly properties are rented out. The median household income of $91,661 is a positive indicator, suggesting that most residents can afford their rent without significant financial strain, thus promoting long-term tenancy and reducing the risk of non-payment.
Given these metrics, ZIP 61529 leans towards being a steady-cashflow zone rather than a high-yield/low-stability market. The higher FMR compared to the market rent offers a slight edge in terms of yield, but the lower percentage of renters and the moderate median home value suggest a balanced approach to investment. Investors looking to capitalize on this area should focus on properties that can be rented at or slightly below the FMR to attract tenants while maintaining a reasonable profit margin.
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.