Location: Mason 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 | $820 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,390 | $188,811 | 0.74% | D |
| 4BR | $1,520 | $251,302 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 61534 is analyzed for its suitability as a pool for Section 8 tenants. With a population of 1,725, it stands that 24.7% of residents are renters, indicating a moderate rental presence rather than a heavy one. The median household income is notably high at $90,104, which contrasts with the typical market rent of $900 per month.
Given the median income, the average rent consumes approximately 12.2% of the monthly income, calculated as $900 divided by $90,104 then multiplied by 100. This percentage is relatively low compared to national averages, suggesting that most residents can afford higher rents without assistance. However, the Fair Market Rent (FMR) set at $930 for fiscal year 2024 aligns closely with the market rent, indicating that the area is priced near the federal guideline for affordable housing.
The proximity of the market rent to the FMR suggests that there is a reasonable demand for vouchers in the area, but it's not overwhelming. Landlords in this ZIP can expect tenants who are likely to be financially stable, given the higher median income. These tenants might include those who have just entered the workforce, families seeking affordable housing options, or individuals who benefit from government assistance programs.
In summary, while ZIP 61534 has a modest rental population, the alignment of market rents with the FMR implies a balanced environment where both market-rate and assisted tenants can coexist. Landlords should prepare for a mix of tenants, with a particular emphasis on those capable of contributing a significant portion of their income towards rent, alongside those who rely on Section 8 vouchers to meet their housing needs.
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.