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 | $780 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $156,607 | 0.66% | D |
| 3BR | $1,320 | $225,950 | 0.58% | F |
| 4BR | $1,450 | $264,170 | 0.55% | F |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP 61530 in Eureka, IL, reveals several potential issues for landlords considering Section 8 properties. First, tenant turnover could be problematic due to the significant gap between the market rent of $706 and the Fair Market Rent (FMR) of $930 for FY 2024. This difference may lead to tenants seeking higher-rental-value properties, increasing turnover rates.
Vacancy exposure is another concern. The Days on Market (DOM) data is currently unavailable, which suggests that landlords might face unpredictable periods of vacancy. This uncertainty can impact cash flow and overall profitability.
Deferred maintenance exposure is also noteworthy. With a typical home value of $207,357 and a median income of $68,536, homeowners might struggle to keep up with necessary repairs and upgrades, potentially leading to property devaluation and increased maintenance costs for landlords.
However, these risks must be weighed against the high renter density in the area. The 24.5% renter share indicates a robust demand for rental housing, which often translates into a higher demand for Section 8 vouchers. This high density of renters can provide a steady stream of tenants who are committed to long-term stays, mitigating some of the risks associated with tenant turnover and vacancy exposure.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 61530 is moderate. While there are significant challenges related to tenant turnover, vacancy exposure, and deferred maintenance, the high renter density offers a strong counterbalance, ensuring a stable tenant pool.
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.