Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The ZIP code 61545 presents a dynamic rental market with specific characteristics that provide insight into the relationship between supply and demand. The Fair Market Rent (FMR) for the area is set at $1010 for the fiscal year 2024, which serves as a benchmark for affordable housing standards. Meanwhile, the market rent as reported by the Census ACS stands at $1,229, indicating that actual rents in the area exceed the FMR. This suggests a market where demand may be slightly outpacing supply, as landlords can charge above the fair market rate without significantly affecting occupancy.
The median home value in ZIP 61545 is $193,544. While this figure alone doesn't directly indicate the balance between supply and demand, it does suggest a relatively stable housing market. Given the lack of specific data on price-cut shares and days on market (DOM), we cannot conclusively state whether there is an oversupply of rentals. However, the higher market rent compared to the FMR implies a competitive environment for renters, potentially leading to upward pressure on rental rates.
The 4.3% renter share in the area indicates a predominantly owner-occupied community. This low percentage of renters could imply long-term stability in housing prices, as owner-occupiers tend to have different priorities and timelines compared to short-term renters. Over time, this characteristic could mean less fluctuation in the rental market, but also less immediate pressure to increase rental stock, unless there is a significant shift in the local economy or demographics.
In summary, ZIP 61545 operates in a market where demand appears to be close to or slightly exceeding supply, as evidenced by rents surpassing the FMR. The low renter share suggests a community focused on homeownership, which could contribute to steady, rather than volatile, housing conditions. For landlords and small-portfolio investors, this ZIP offers a niche where maintaining competitive rents can ensure steady occupancy without necessarily facing intense competition.
Data Sources: FMR data from HUD (2027). 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.