Location: Mason County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
840 FMR (zip FY 2024) stands as the Fair Market Rent for ZIP code 61546, indicating the maximum amount that a voucher holder can be charged for rental housing. This figure is notably higher than the $786 market rent reported by the Census Bureau's American Community Survey, suggesting a favorable environment for landlords participating in the Section 8 program. The median home value in Manito, IL, is $137,329, which provides a solid base for property investments in the area. With a 13.4% renter share, it's clear that a significant portion of the population is already inclined towards renting, making the market receptive to rental properties. The median income of $79,551 supports the financial stability of potential tenants, ensuring a reliable stream of rental payments. Although the day DOM (Days on Market) and the percentage of price-cut shares are not available, the data points to a robust rental market where Section 8 vouchers can effectively bridge the gap between market rents and what low-income families can afford. Given these numbers, the decision to accept Section 8 tenants in ZIP 61546 appears financially sound.
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.