Location: Livingston County, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
28.9% of residents in ZIP code 61760 are renters, indicating a significant portion of the population relies on rental housing. Given the $153,139 median home value, it's clear that homeownership is relatively expensive in this area, which likely contributes to the high renter share. The $1,014 market rent, as reported by the Census ACS, provides insight into the average cost of renting a property. This figure is slightly below the $1030 Fair Market Rent (FMR) set for zip code 61760 for fiscal year 2024, suggesting that landlords who align their rents with the FMR could potentially attract tenants seeking government assistance.
$75,362 is the median income for this ZIP code, which is an important consideration for landlords and investors when evaluating the financial stability of potential tenants. While the median income is not exceptionally high, it is still sufficient to support a rental market, especially considering the slightly lower market rent compared to the FMR. However, landlords should be cautious about setting rents above the FMR, as it might limit the pool of eligible Section 8 participants.
N/A is the reported data for days on market (DOM) and the percentage of price-cut share, which suggests there is limited publicly available data on these metrics. This lack of information could indicate a stable real estate market where properties sell at or near asking price without much negotiation. For investors, this implies that once a property is listed, it may not require extensive price adjustments to attract buyers.
In conclusion, for landlords and small-portfolio investors in ZIP code 61760, the $1030 FMR presents an opportunity to participate in the Section 8 program. With a median income of $75,362 and a renter share of 28.9%, there is a reasonable chance of finding financially stable tenants. The slight discrepancy between the market rent ($1,014) and the FMR suggests that setting rents at or just below the FMR could help attract Section 8 participants while maintaining profitability. Given the stable nature of the real estate market and the potential for steady demand, ZIP code 61760 is a viable option for those interested in the Section 8 program.
Verdict: ZIP 61760 is a suitable location for Section 8 participation, given the alignment of market rents and the FMR.
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.