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Tazewell County/Groveland/61535

61535

ZIPSAFMR
Tazewell County, IL
Zillow

ZIP Investment Score

74Below average

095130300
BRFMR
Eff. Rent
0 BR$900$740
1 BR$940$870
2 BR$1,190$1,140
3 BR$1,530$1,490
4 BR$1,680$1,590
5 BR$1,932Not available
6 BR$2,222Not available
7 BR$2,555Not available
8 BR$2,938Not available

Purchase Price Calculator

Maximum purchase price
$107,487

Cost breakdown

+Likely effective rent$1,140
HUD FMR$1,190
Market rentUsed$1,140
Est. payment standard (97%)$1,160
-Principal and interest-$544
Loan amount$85,990
Down payment$21,497
Rate6.50%
Term30 years
-Operating costs-$396
Property taxes-$107
Insurance-$175
Utilities$0
HOA$0
Management-$114
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,546(86.3% ROI)
Projected value
$115,752
Return breakdown
Property appreciation+$8,265
Loan principal paid down+$3,081
Rental cash flow+$7,200
5-year hold
+$31,619(147.1% ROI)
Projected value
$121,612
Return breakdown
Property appreciation+$14,125
Loan principal paid down+$5,494
Rental cash flow+$12,000
10-year hold
+$67,196(312.6% ROI)
Projected value
$137,592
Return breakdown
Property appreciation+$30,105
Loan principal paid down+$13,091
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.22
1 BR
1.08
2 BR
1.04
3 BR
1.03
4 BR
1.06
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 61535 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61535 (Groveland, IL) is $1,190 a month. That is up 16.7% from $1,020 in FY 2026. Groveland is in the Peoria, IL MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,212. Among 24 ZIP codes in Tazewell County, 61535 has the 10th-highest two-bedroom rent (county range $940–$1,790). The median county two-bedroom FMR in Illinois is $958, so ZIP 61535 is 24% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 61535
BedroomsFY 2027Change90–110% range
Studio$900+20.0%$810–$990
1BR$940+16.0%$846–$1,034
2BR$1,190+16.7%$1,071–$1,309
3BR$1,530+15.0%$1,377–$1,683
4BR$1,680+17.5%$1,512–$1,848

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 61535
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$900$940$1,190$1,530$1,680
FY 2026$750$810$1,020$1,330$1,430
FY 2025$700$770$980$1,270$1,340
FY 2024$670$750$950$1,230$1,270
FY 2023$630$700$890$1,150$1,200

Two-bedroom rent in nearby Tazewell County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 61535
61530$1,030−13.4%
61534$1,080−9.2%
61535Current$1,190—
61546$940−21.0%
61548$1,420+19.3%
61550$1,330+11.8%
61554$1,110−6.7%
61555$1,160−2.5%
61564$1,010−15.1%
61568$1,230+3.4%
61571$1,280+7.6%
61610$1,030−13.4%

Questions about ZIP 61535 rents

How much will Section 8 pay for a two-bedroom in ZIP 61535?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,212, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,091 to $1,333 a month; under the ZIP-level Small Area FMR of $1,190 it would be $1,071 to $1,309. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 61535 in?

ZIP 61535 is in the Peoria, IL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,212.

How much did fair market rent change in ZIP 61535 for FY 2027?

The two-bedroom FMR rose 16.7%, from $1,020 in FY 2026 to $1,190 in FY 2027. Since FY 2023 it has risen 33.7%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentGroveland, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources