How many renters live in Peoria County, Illinois?
The County of Peoria County has 178,383 people living in 78,636 households.
There are 50,175 renters living in 25,945 renter households in this County. Renters make up 28.13 percent of the population living in Peoria County.
What is the rental market like in Peoria County, Illinois?
There are an estimated 84,934 housing units in the Peoria County area. Of these, 27,822 units are rental homes, making up 33 percent of the housing market. For every renter household in Peoria County, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Peoria County?
The rental vacancy rate in Peoria County is 6 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Peoria County for each bedroom size?
Occupied Rental Units by Size in Peoria County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 694 | 8,772 | 10,140 | 4,411 | 1,733 |
Occupied Rental Units by Size in Peoria County
A large number of apartments in Peoria County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Peoria County are overburdened by housing costs?
Among renter households in this market, 45 percent have housing cost burden. Further, 24 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Peoria County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $683 to $1,293. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $683 |
| One BR | $756 |
| Two BR | $965 |
| Three BR | $1,258 |
| Four BR | $1,293 |
2024 Fair Market Rents in Peoria County, Illinois
How many units are rented at Fair Market Rent (FMR) in Peoria County?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 177 | 26 percent |
| One BR | 5,944 | 68 percent |
| Two BR | 4,366 | 43 percent |
Rental Units Below FMR in Peoria County, Illinois
How many affordable rental units are in Peoria County?
There are a variety of federal affordable housing programs serving households in Peoria County, Illinois including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 1,928 |
| Public Housing | 653 |
| Section 8 Project-Based Rental Assistance | 2,653 |
| Section 202 Supportive Housing for the Elderly | 176 |
| Section 811 Supportive Housing for Persons with Disabilities | 67 |
| USDA Section 515 Rural Rental Housing | 74 |
Tracked Units by Federal Program in Peoria County, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Peoria County, Illinois
Peoria County features 3,735 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Peoria County, Illinois
There are 2,041 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Peoria County.
Housing Choice Vouchers in Peoria County, Illinois
On average, Section 8 Housing Choice vouchers pay Peoria County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Peoria County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Peoria County, Illinois for a two-bedroom apartment is between $869 and $1,062.
Sourced from federal housing data and AffordableHousingOnline.com research.
