Section 8 Fair Market Rent (FMR) for ZIP 61721 - 2027

Location: Logan County, IL | Metro: Peoria, IL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,350
1 Bedroom	$1,420
2 Bedrooms	$1,790
3 Bedrooms	$2,300
4 Bedrooms	$2,520
5 Bedrooms	$2,923
6 Bedrooms	$3,274
7 Bedrooms	$3,536
8 Bedrooms	$3,713

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

552

Median Household Income

$91,500

Housing Units

219

Renter Percentage

6.7%

Occupancy Rate

88.6%

Renter Occupied

Housing Authorities Serving ZIP 61721

East Peoria Housing Authority (East Peoria, IL) - 300 Section 8 vouchers
Logan County Housing Authority (Lincoln, IL) - 62 Section 8 vouchers
Housing Authority of the City of Pekin (Pekin, IL)

The ZIP code 61721, located in Illinois, represents a suburban area that offers a mix of rental and homeownership opportunities. The local economy supports a diverse range of residents, including those who benefit from federal housing assistance programs.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 61721 for fiscal year 2024 is set at $1110.
The average market rent for properties in the area, according to the latest Census American Community Survey (ACS), is $1,656 per month.
The median home value in ZIP 61721 is $135,460, which indicates a relatively affordable market for both renters and buyers.
Renters make up 6.7% of the total population, suggesting a smaller but stable rental demand.
The median household income in the area is $91,500, providing a solid financial base for potential tenants and homeowners alike.

In summary, the ZIP 61721 presents a balanced real estate market where the Fair Market Rent is significantly lower than the average market rent, indicating a potential for profit for landlords who can maintain properties below the market rate. The median home value suggests that the area is accessible for both investment and owner-occupied homes. However, with a modest renter share, investors should focus on providing quality, cost-effective rentals to attract and retain tenants. The strong median income supports the ability of residents to pay higher rents if necessary, but also increases competition from homeownership options.

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.