FMR is near market; voucher and private rents are aligned.
1.06
1 BR
1 BR
1.18ratio
FMR$940
Market$800
vs market+$140
FMR is above market; underwrite to market rent.
1.18
2 BR
2 BR
1.17ratio
FMR$1,190
Market$1,020
vs market+$170
FMR is above market; underwrite to market rent.
1.17
3 BR
3 BR
1.17ratio
FMR$1,530
Market$1,310
vs market+$220
FMR is above market; underwrite to market rent.
1.17
4 BR
4 BR
1.21ratio
FMR$1,680
Market$1,390
vs market+$290
FMR is above market; underwrite to market rent.
1.21
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 61625 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61625 (Peoria, IL) is $1,190 a month. That is up 17.8% from $1,010 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, 61625 is tied for the 27th-highest two-bedroom rent (county range $940–$1,620). The median county two-bedroom FMR in Illinois is $958, so ZIP 61625 is 24% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 61625
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$740
$900
+21.6%
$810–$990
1BR
$800
$940
+17.5%
$846–$1,034
2BR
$1,010
$1,190
+17.8%
$1,071–$1,309
3BR
$1,310
$1,530
+16.8%
$1,377–$1,683
4BR
$1,410
$1,680
+19.1%
$1,512–$1,848
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 61625
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$900
$940
$1,190
$1,530
$1,680
FY 2026
$740
$800
$1,010
$1,310
$1,410
FY 2025
$690
$760
$970
$1,260
$1,320
FY 2024
$640
$710
$910
$1,190
$1,220
FY 2023
$660
$730
$930
$1,210
$1,260
Two-bedroom rent in nearby Peoria County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 61625?
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 61625 in?
ZIP 61625 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 61625 for FY 2027?
The two-bedroom FMR rose 17.8%, from $1,010 in FY 2026 to $1,190 in FY 2027. Since FY 2023 it has risen 28.0%.
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