Location: Peoria, IL | Metro: Bloomington, IL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,180 | $164,948 | 0.72% | D |
| 3BR | $1,550 | $258,877 | 0.6% | F |
| 4BR | $1,660 | $313,426 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 61755, located in Mackinaw, Illinois, has a population of 4,364 residents, with 15.8% being renters. This indicates that the area is primarily homeowner-dominated rather than renter-heavy. The median household income in this ZIP is $102,225, which is notably higher than the typical market rent of $835.
To put this into perspective, the average rent consumes only about 8.1% of the median household income. This is calculated by taking the monthly rent ($835) and dividing it by the annual median income ($102,225), then multiplying by 12 to get the percentage of yearly income spent on rent. This figure suggests that most tenants in this area can comfortably afford their housing costs without needing extensive financial assistance.
Furthermore, comparing the market rent to the Fair Market Rent (FMR) set at $970 for FY 2024, we see that the actual rent is below the FMR, indicating that landlords could potentially charge more and still remain within the government's guidelines for affordable housing. However, given the relatively low proportion of renters in the area, landlords might face limited demand for rental properties.
In terms of Section 8 voucher demand, the scarcity of renters implies that there is likely less competition for tenants holding these vouchers. Landlords in ZIP 61755 should expect tenants who are financially stable and can meet the requirements of Section 8 housing, including timely rent payments and adherence to property standards.
The tenant profile in this area will likely be individuals or families who value the benefits of living in a community with high homeownership rates but cannot yet afford to buy a home. These tenants will appreciate the quality of life offered by the ZIP while managing their finances to eventually achieve homeownership.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.