Section 8 Fair Market Rent (FMR) for ZIP 61568 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 61568

• East Peoria Housing Authority (East Peoria, IL) - 300 Section 8 vouchers
• Housing Authority of the City of Pekin (Pekin, IL)

Tremont, IL, located in ZIP code 61568, is a small community that offers unique opportunities for real estate investors, particularly those interested in Section 8 housing and rental markets. The area's demographics and economic indicators provide a solid foundation for assessing the viability of investment strategies.

• The Fair Market Rent (FMR) for ZIP 61568 in fiscal year 2024 is set at $850, which represents the maximum amount that a Section 8 voucher holder can pay towards their monthly rent.
• The market rent, as per the Census American Community Survey (ACS), stands at $1,002. This figure indicates the average rent paid by tenants in the area, providing insight into the local rental market dynamics.
• The median home value in Tremont is $246,611, reflecting the typical price range for residential properties in the area. This could be beneficial for investors looking to acquire homes at reasonable prices.
• Renters make up 20.1% of the population in ZIP 61568, suggesting a moderate demand for rental properties. However, the relatively low percentage also implies a significant portion of homeownership, which might influence rental property pricing and occupancy rates.
• The median income in the area is $100,972, indicating a higher-than-average earning capacity among residents. This could support a robust rental market, especially for properties that cater to middle-income families.
• Data on days on market (DOM) is currently unavailable, making it challenging to assess how quickly properties sell or rent in the area. However, other economic indicators provide a comprehensive view of the market.

Investors considering entry into the real estate market in Tremont, IL, should note the favorable median home values and market rents, which offer a decent profit margin when compared to the FMR. The moderate renter share suggests a balanced market, while the high median income supports the potential for steady rental payments. Despite the lack of DOM data, the overall economic health of the area presents a stable environment for both Section 8 and market-rate investments.

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.