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 | $840 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,550 | $181,559 | 0.85% | C |
| 4BR | $1,560 | $228,584 | 0.68% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61759 in fiscal year 2024 is set at $890. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a subsidy program for low-income tenants. It's important to note that the FMR is not the actual rent you will receive; it is the benchmark used by the government to determine the payment standard for subsidies.
In comparison, the average rent for ZIP 61759 based on recent Census data is $775. This indicates that the Section 8 payment standard is higher than the typical market rate, potentially making it an attractive option for landlords who want to ensure a steady income stream without worrying about vacancy rates.
The 14.9% renter share in ZIP 61759 suggests that nearly one out of every seven residents are likely to be seeking rental housing. This can translate into a consistent demand for Section 8 rentals, especially if your property meets the necessary standards and is well-maintained.
If you're looking to acquire a property in this area, the median home value is approximately $172,060. Given the FMR and the average rent, you can reasonably expect a positive cash flow if your operating costs and mortgage payments are below $890 per month.
Before committing to a Section 8 rental, verify that your property complies with the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary. Failure to meet these criteria can result in non-payment or termination of the contract, so it's crucial to confirm that your property meets all requirements.
To summarize, the FMR of $890 in ZIP 61759 provides a clear guideline for the maximum rent you can charge under Section 8, while the average rent of $775 shows that you might be above the local market rate. With a 14.9% renter share, there is a solid demand for rental properties, and the median home value of $172,060 offers a good starting point for understanding the acquisition costs. Ensure your property meets the HQS to avoid any issues down the line.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.