FY2027 Small Area FMR · Peoria, IL

ZIP 61602 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 61602 (Peoria, IL) is $1,350 a month, up 10.7% from FY2026. That is 11% above the Peoria, IL area-wide FMR of $1,212.

2-bedroom SAFMR$1,350per month ▲ 10.7%

Area-wide 2 BR FMR$1,212Peoria, IL

Rank in the area10thof 98 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,215

2 BR Small Area FMR$1,350

110% of SAFMR$1,485

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,020▲ 14.6%

1 BR$1,070▲ 11.5%

2 BR$1,350▲ 10.7%

3 BR$1,730▲ 9.5%

4 BR$1,900▲ 11.8%

FY2027 FY2026

Where 61602 sits in the Peoria, IL area

Of the 98 ZIP codes HUD lists for the area, 61602 has the 10th highest two-bedroom Small Area FMR. Peoria, IL is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,212 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,350 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,020	$918 – $1,122	$915	$890
1 bedroom	$1,070	$963 – $1,177	$961	$960
2 bedrooms	$1,350	$1,215 – $1,485	$1,212	$1,220
3 bedrooms	$1,730	$1,557 – $1,903	$1,557	$1,580
4 bedrooms	$1,900	$1,710 – $2,090	$1,710	$1,700

A household renting a two-bedroom home at the Small Area FMR of $1,350 needs about $54,000 a year to keep housing costs at 30% of income. The area median family income is $106,100 and the 80% low-income limit for four people is $84,900. ZIP code 61602 lies mainly in Peoria County. See the Peoria, IL metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
61605	Peoria	1.3 mi	$1,150
61625	Peoria	1.6 mi	$1,190
61606	Peoria	1.7 mi	$1,190
61610	Creve Coeur	2.3 mi	$1,030
61603	Peoria	3.1 mi	$1,300
61604	Peoria	3.2 mi	$1,220

Questions

What is the Fair Market Rent for ZIP code 61602?

HUD's FY2027 Small Area Fair Market Rents for 61602 are $1,020 (studio), $1,070 (1 BR), $1,350 (2 BR), $1,730 (3 BR) and $1,900 (4 BR) a month.

What is the Section 8 payment standard in 61602?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 61602 that range is $1,215 to $1,485 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 61602?

The FY2026 income limits of the Peoria, IL area apply: median family income $106,100, low-income (80%) limit $84,900 for a family of four.