Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
1070 is the Fair Market Rent (FMR) for ZIP code 61552 as of fiscal year 2024, setting a benchmark for rental properties in the area. 123,242 represents the median home value, indicating a relatively stable housing market. However, 0.0% is the reported renter share, suggesting that homeownership is nearly universal in this region, which could pose challenges for landlords looking to attract tenants. The absence of specific figures for median income, days on market (DOM), and price-cut share means there's limited data on the financial health and competitiveness of the local real estate market.
Given the high FMR of 1070, landlords should ensure their properties meet quality standards to justify these rents. Despite the median home value being at 123,242, the lack of renters at 0.0% implies a need for strategic marketing to draw in those few who might be interested in renting. Without a median income figure, it's crucial for landlords to assess potential tenant income sources independently to ensure reliable rent payments.
The N/A status for DOM and price-cut share suggests that either the market is so tight that homes sell quickly without needing to be listed for long periods or that there isn't enough transaction data to provide these metrics. This ambiguity requires landlords to be vigilant about property maintenance and pricing to stay competitive.
In conclusion, while the ZIP 61552 offers a fair market rent of 1070, the low renter share at 0.0% and the lack of comprehensive data points make it a challenging environment for landlords. Small-portfolio investors should carefully evaluate the potential risks and rewards before entering this market. For Section 8, the verdict is that it is not recommended due to the scarcity of renters and insufficient data to support robust investment decisions.
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.