Section 8 Fair Market Rent (FMR) for ZIP 61729 - 2027

Location: Peoria, IL | Metro: Bloomington, IL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$950
1 Bedroom	$1,000
2 Bedrooms	$1,260
3 Bedrooms	$1,620
4 Bedrooms	$1,780
5 Bedrooms	$2,065
6 Bedrooms	$2,313
7 Bedrooms	$2,498
8 Bedrooms	$2,623

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,263

Median Household Income

$101,172

Housing Units

436

Renter Percentage

15.9%

Occupancy Rate

97.9%

Renter Occupied

ZIP code 61729, located within the Peoria, IL MSA, exhibits characteristics that position it as a mid-tier neighborhood within the broader metropolitan area. The Fair Market Rent (FMR) for ZIP 61729 is set at $950 for fiscal year 2024, which is notably lower than the market rent of $1,027. This indicates that while rental prices in 61729 are slightly above the FMR benchmark, they remain competitive and accessible for many renters.

The median home value in ZIP 61729 stands at $282,076, which aligns closely with the typical home values seen across the Peoria, IL MSA. This suggests that the real estate market in 61729 reflects the general trends observed throughout the metro area, neither significantly undervalued nor overpriced relative to other ZIP codes.

A key differentiator for landlords and small-portfolio investors is the 15.9% renter share in ZIP 61729. This percentage is higher than the average for the Peoria, IL MSA, where the typical renter share is around 10%. The elevated renter share combined with a below-market home value could signal a potential sweet spot for Section 8 properties. Landlords in this ZIP code can leverage the higher demand for rentals, especially among those seeking affordable housing options.

To further contextualize, let's consider the implications of these figures:

Market Rent vs. FMR: With the market rent exceeding the FMR, landlords can potentially charge slightly above the government-set rates without alienating tenants. However, the difference is modest, indicating a balanced rental market.
Renter Share: The 15.9% renter share is a significant indicator of the ZIP code's appeal to renters, particularly those who might qualify for Section 8 assistance. This higher share can help ensure steady occupancy rates.
Home Values: At $282,076, the home values in ZIP 61729 are reflective of the metro-wide average, suggesting that property investments here will likely yield returns consistent with the broader market trends.

In conclusion, ZIP 61729 offers a stable and moderate investment opportunity for landlords and small-portfolio investors. It is neither a value pocket nor a premium sub-market but rather a mid-tier neighborhood with a favorable balance between rental demand and property values.

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.