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 |
The analysis of ZIP code 61651 within the Peoria, IL MSA reveals several key points for potential Section 8 landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for ZIP 61651 in fiscal year 2024 is set at $990. However, the market rent data is currently unavailable, making it difficult to compare the FMR against typical rental rates. This lack of comparison means that while the FMR provides a guaranteed income floor, it does not offer insight into how competitive this rate is compared to the local market.
Regarding the affordability of acquisitions, the median home value is also not available, which makes it challenging to assess the cost of property purchases. Similarly, the average days on market (DOM) and the percentage of homes needing price cuts are both unknown, indicating a lack of data on the speed and ease of acquiring properties. Without these figures, landlords cannot accurately gauge the financial feasibility of buying properties in this area.
Tenant demand is another critical factor. The population and the percentage of renters in ZIP 61651 are currently not available. These missing details prevent an accurate assessment of the number of potential tenants and their willingness to rent. For landlords, understanding the demand for rentals is essential for ensuring occupancy and steady cash flow.
In summary, while the Section 8 program guarantees a rent of $990 for ZIP 61651, the absence of crucial data such as market rents, median home values, days on market, price-cut percentages, population, and renter share percentages leaves significant gaps in the analysis. Landlords and small-portfolio investors should proceed with caution and seek additional, up-to-date information before making any investment decisions in this area.
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.