Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
ZIP code 61613, located within the Peoria, IL MSA, presents a unique scenario when compared to typical ZIP codes in the Peoria metro area. The Fair Market Rent (FMR) for 61613 is set at $990 for fiscal year 2024, which serves as a benchmark for rental prices in the area. However, due to the lack of specific market rent and home value data for this ZIP, we must rely on the FMR to infer its position relative to other neighborhoods within the metro.
The absence of market rent data suggests that either the market rents closely match the FMR or there is insufficient data to provide a distinct figure. In Peoria, typical market rents can vary widely, but the FMR of $990 aligns with what might be expected in a value pocket, where rental prices are generally lower and more affordable for tenants with limited income.
Similarly, the lack of home value data could indicate that the area is primarily rental-focused, which is common in value pockets. The unknown percentage of renters also adds to this inference; typically, a higher renter share with lower-than-average home values would signal an attractive location for Section 8 participants. While we cannot confirm this without specific data, the combination of a defined FMR and missing market rent/home value figures suggests that 61613 leans towards being a value pocket within the Peoria metro.
This positioning is important for landlords and small-portfolio investors looking to understand the dynamics of the Peoria real estate market. It indicates that ZIP 61613 is likely catering to a demographic that benefits most from government housing assistance programs, such as Section 8. Therefore, properties in this area should be priced and managed accordingly to attract and retain Section 8 tenants.
In conclusion, while we cannot definitively categorize 61613 as a value pocket, mid-tier neighborhood, or premium sub-market without additional data, the available information points towards it being a value pocket within the Peoria, IL MSA. This ZIP's reliance on the FMR of $990 and the lack of supplementary data suggest a focus on affordability and government-assisted housing, making it a potentially lucrative investment for those interested in Section 8 properties.
Data Sources: FMR data from HUD (2027).
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.