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 | $830 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,410 | $179,343 | 0.79% | D |
U.S. Census Bureau data (2024)
The ZIP code 61540 stands out due to its unique mix of population characteristics and housing dynamics. With 2,753 residents, it has a rental rate of 19.7%, indicating that nearly one in five households rent their homes. The median income in this area is $78,824, which is relatively high compared to national averages. Additionally, the median home value of $133,480 suggests a modest cost of living relative to income levels.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 61540 in fiscal year 2024 is set at $910. This is notably higher than the $795 market rent reported by the Census Bureau's American Community Survey (ACS). This discrepancy means that landlords who accept Section 8 vouchers could potentially receive higher rents than the market average, making it an attractive option for property owners in this area.
The data signature for ZIP 61540 reads as stable. The relatively high median income supports the ability of residents to afford modestly priced homes, while the modest median home value indicates that homeownership remains accessible. The slight increase in FMR over market rent also suggests that the government is willing to support rental costs at a level above the current market, which can be beneficial for both tenants and landlords.
In summary, ZIP 61540 offers a balanced environment where landlords can benefit from accepting Section 8 vouchers without significant risk. The economic indicators point towards stability, making it a reliable choice for small-portfolio investors looking to capitalize on government assistance programs while maintaining a steady income stream.
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.