Location: Peoria, IL | Metro: Peoria, IL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,410 | $149,353 | 0.94% | C |
U.S. Census Bureau data (2024)
The real estate market in ZIP code 61570 presents a unique setup for both landlords and small-portfolio investors. With a median home value at $130,819, the area offers an entry point that is relatively affordable compared to national averages. The absence of data on reduced listings and days on market (DOM) suggests stability in the housing market, implying that there is little pressure from distressed sellers. This stability supports the idea that landlords and investors can maintain their pricing power over the next 12 to 24 months.
On the rental side, the Fair Market Rent (FMR) for ZIP 61570 in fiscal year 2024 is set at $930, which is notably higher than the current market rate of $876 according to Census ACS data. This discrepancy indicates potential upward pressure on rents, providing an opportunity for landlords to adjust their rates closer to the FMR without losing tenants. However, it also signals that market rates could be catching up to the FMR, suggesting a cautious approach to increasing rents too rapidly.
For long-term investors, the appreciation thesis in ZIP 61570 is grounded in the fundamentals of the local economy and population growth. If the local job market expands and attracts new residents, demand for housing will likely increase, driving up property values. Additionally, if infrastructure improvements or other economic incentives are introduced, they could further boost the area's appeal and lead to increased property values. However, without significant changes in these areas, appreciation may remain modest, reflecting the broader trend of stable housing markets in similar regions.
In summary, the current median home value, the stable housing market indicated by the lack of reduced listings and high DOM, and the favorable rent-side dynamics all suggest a balanced environment where landlords and investors can maintain their positions without aggressive price adjustments. The potential for modest appreciation exists but is contingent upon broader economic factors and local developments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.