Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The ZIP code 61625 stands out significantly due to its unique data profile. With only 456 residents, this area has a 100.0% rental rate, indicating that every household in the region relies solely on rental properties. This statistic alone sets it apart from most other ZIP codes where homeownership is prevalent. Unfortunately, the median income and median home value for this ZIP code are not available, which could be due to the lack of homeowners or insufficient data collection.
Moving to the voucher economics, the Fair Market Rent (FMR) for ZIP 61625 for fiscal year 2024 is set at $910. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher in the area. However, without specific market rent data, it's challenging to compare the FMR against local rental rates. The absence of this information suggests that landlords should keep an eye on any future updates to ensure they are pricing their units appropriately relative to the FMR.
The data signature for ZIP 61625 reads as "transitional." Given the complete reliance on rentals and the limited number of residents, the area might be undergoing changes in population dynamics or economic conditions that could affect both rental demand and the availability of vouchers. Landlords and small-portfolio investors should monitor trends closely, particularly any shifts in government funding for housing assistance programs, which could impact the stability of the rental market in this ZIP code.
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.