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Peoria County/Peoria/61629

61629

ZIPFMR
Peoria County, IL
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$915$860
1 BR$961$800
2 BR$1,212$960
3 BR$1,557$1,240
4 BR$1,710$1,410
5 BR$1,966Not available
6 BR$2,261Not available
7 BR$2,601Not available
8 BR$2,991Not available

Purchase Price Calculator

Maximum purchase price
$80,739

Cost breakdown

+Likely effective rent$960
HUD FMR$1,212
Market rentUsed$960
Est. payment standard (90%)$1,090
-Principal and interest-$408
Loan amount$64,591
Down payment$16,148
Rate6.50%
Term30 years
-Operating costs-$352
Property taxes-$81
Insurance-$175
Utilities$0
HOA$0
Management-$96
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$15,722(97.4% ROI)
Projected value
$86,947
Return breakdown
Property appreciation+$6,208
Loan principal paid down+$2,314
Rental cash flow+$7,200
5-year hold
+$26,737(165.6% ROI)
Projected value
$91,349
Return breakdown
Property appreciation+$10,610
Loan principal paid down+$4,127
Rental cash flow+$12,000
10-year hold
+$56,447(349.6% ROI)
Projected value
$103,353
Return breakdown
Property appreciation+$22,614
Loan principal paid down+$9,833
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.06
1 BR
1.20
2 BR
1.26
3 BR
1.26
4 BR
1.21
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 61629 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 61629 (Peoria, IL) is $1,212 a month. That is up 16.7% from $1,039 in FY 2026. Peoria is in the Peoria, IL MSA. The median county two-bedroom FMR in Illinois is $958, so ZIP 61629 is 27% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 61629
BedroomsFY 2027Change90–110% range
Studio$915+20.7%$824–$1,007
1BR$961+17.5%$865–$1,057
2BR$1,212+16.7%$1,091–$1,333
3BR$1,557+15.7%$1,401–$1,713
4BR$1,710+18.0%$1,539–$1,881

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 61629
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$915$961$1,212$1,557$1,710
FY 2026$758$818$1,039$1,346$1,449
FY 2025$718$790$1,003$1,300$1,364
FY 2024$683$756$965$1,258$1,293
FY 2023$639$707$896$1,164$1,211

Questions about ZIP 61629 rents

How much will Section 8 pay for a two-bedroom in ZIP 61629?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,212, that basic range is $1,091 to $1,333 a month. 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 61629 in?

ZIP 61629 is in the Peoria, IL MSA. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in ZIP 61629 for FY 2027?

The two-bedroom FMR rose 16.7%, from $1,039 in FY 2026 to $1,212 in FY 2027. Since FY 2023 it has risen 35.3%.

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 Fair Market Rents. 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