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Peoria County/Peoria/61615

61615

ZIPSAFMR
Peoria County, IL
Zillow

ZIP Investment Score

93Below average

095130300
BRFMR
Eff. Rent
0 BR$1,050$880
1 BR$1,100$980
2 BR$1,390$1,170
3 BR$1,790$1,790
4 BR$1,960$2,080
5 BR$2,254Not available
6 BR$2,592Not available
7 BR$2,981Not available
8 BR$3,428Not available

Purchase Price Calculator

Maximum purchase price
$111,945

Cost breakdown

+Likely effective rent$1,170
HUD FMR$1,390
Market rentUsed$1,170
Est. payment standard (90%)$1,250
-Principal and interest-$566
Loan amount$89,556
Down payment$22,389
Rate6.50%
Term30 years
-Operating costs-$404
Property taxes-$112
Insurance-$175
Utilities$0
HOA$0
Management-$117
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,016(84.9% ROI)
Projected value
$120,553
Return breakdown
Property appreciation+$8,608
Loan principal paid down+$3,209
Rental cash flow+$7,200
5-year hold
+$32,432(144.9% ROI)
Projected value
$126,656
Return breakdown
Property appreciation+$14,710
Loan principal paid down+$5,722
Rental cash flow+$12,000
10-year hold
+$68,988(308.1% ROI)
Projected value
$143,299
Return breakdown
Property appreciation+$31,354
Loan principal paid down+$13,634
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.19
1 BR
1.12
2 BR
1.19
3 BR
1.00
4 BR
0.91
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 61615 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61615 (Peoria, IL) is $1,390 a month. That is up 15.8% from $1,200 in FY 2026. Peoria 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 41 ZIP codes in Peoria County, 61615 has the 2nd-highest two-bedroom rent (county range $940–$1,620). The median county two-bedroom FMR in Illinois is $958, so ZIP 61615 is 45% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 61615
BedroomsFY 2027Change90–110% range
Studio$1,050+20.7%$945–$1,155
1BR$1,100+17.0%$990–$1,210
2BR$1,390+15.8%$1,251–$1,529
3BR$1,790+15.5%$1,611–$1,969
4BR$1,960+17.4%$1,764–$2,156

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 61615
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,050$1,100$1,390$1,790$1,960
FY 2026$870$940$1,200$1,550$1,670
FY 2025$820$910$1,150$1,490$1,560
FY 2024$790$880$1,120$1,460$1,500
FY 2023$720$800$1,010$1,310$1,370

Two-bedroom rent in nearby Peoria County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 61615
61602$1,350−2.9%
61603$1,300−6.5%
61604$1,220−12.2%
61605$1,150−17.3%
61606$1,190−14.4%
61607$1,330−4.3%
61612$1,250−10.1%
61613$1,250−10.1%
61614$1,200−13.7%
61615Current$1,390—
61616$1,160−16.5%
61625$1,190−14.4%

Questions about ZIP 61615 rents

How much will Section 8 pay for a two-bedroom in ZIP 61615?

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 $1,390 it would be $1,251 to $1,529. 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 61615 in?

ZIP 61615 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 61615 for FY 2027?

The two-bedroom FMR rose 15.8%, from $1,200 in FY 2026 to $1,390 in FY 2027. Since FY 2023 it has risen 37.6%.

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