Section 8 Fair Market Rent (FMR) for ZIP 61550 - 2027
Location: Peoria, IL | Metro: Peoria, IL MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,000 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$98,516
Housing Authorities Serving ZIP 61550
The Morton, IL area, represented by ZIP code 61550, presents a stable rental market with opportunities for both landlords and small-portfolio investors. The region is known for its affordable housing options and a mix of single-family homes and apartments, making it attractive for renters and buyers alike.
- The Fair Market Rent (FMR) for a two-bedroom apartment in Morton, IL for fiscal year 2024 is set at $1080. This figure reflects the government's assessment of what constitutes a reasonable rent for subsidized housing units, indicating the price point that landlords can aim for without pricing out potential tenants.
- The average market rent for a two-bedroom apartment in Morton, IL, according to the latest Census American Community Survey (ACS), stands at $1,090. This closely aligns with the FMR, suggesting that the local rental market is in line with federal guidelines and is likely to be predictable.
- The median home value in Morton, IL, is $280,465. This provides a benchmark for property values in the area, allowing investors to gauge the potential resale value of their investments.
- Renters make up 18.7% of the population in Morton, IL. While this percentage is relatively low, it still represents a significant portion of the market, and the stability of the rental prices can attract steady income from tenants.
- The median household income in Morton, IL, is $98,516. This economic indicator suggests that residents have the financial capacity to meet rental obligations, reducing the risk of default for landlords.
- The days on market (DOM) data is currently N/A, which may indicate either a very efficient real estate transaction process or a lack of recent sales data. However, given the other positive indicators, it is reasonable to assume that properties in Morton, IL, are generally sold quickly when listed.
In summary, Morton, IL, offers a reliable rental market with fair competition between homeownership and renting. With rental prices closely matching the FMR and a solid median income level, the area supports a consistent demand for rental properties. The median home value also provides a secure investment base, ensuring that any real estate purchase has inherent value. Although the DOM data is unavailable, the overall economic health and rental market stability of Morton, IL, present a favorable environment for real estate investment.
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.