Real Estate Investing in Peoria, Illinois (61602)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 61602 (Peoria, IL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 16.0% of homes vacant — above national norms.
- Declining values: -1.0% 5-year CAGR — values have moved lower.
- 1-year downturn: Values declined 7.6% in the last year.
- Higher unemployment: 7.5% unemployment — tenant risk signal.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely.
What’s happening in Peoria, IL (61602)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 61602 Peoria
The 61602 ZIP in Peoria is not a pristine, turnkey story — it is a value-add map. Stock is older, prices near $119K are approachable, and upside sits in the rehab line.
Flippers and value-add operators have treated 61602 as a working ZIP for a reason. Entry prices around $119K and a deep rental base of 84% renters underpin the exit strategy on both the sale and rent sides.
Relative to IL, 61602 reads as a working-capital ZIP — prices below average, renter share elevated at 84%, and room for operator-led upside.
A renter-heavy, wage-earner demographic anchors 61602. Value-add players rely on that mix — the 84% share is both the tenant source and the buyer pool for future owner-occupied exits.
Value-add plays pencil in 61602 when three things line up: a sub-median purchase, a realistic rehab budget, and a post-rehab rent comp that stands up. All three are present in this ZIP.
Here's what matters if you're considering buying a home in Peoria:
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 61602 Compare?
| Metric | 61602 | Peoria | Peoria, IL | Illinois |
|---|---|---|---|---|
| Home Value | $119,216 | $48,800 | N/A | $279,761 |
| 5-Year CAGR | N/A | 6.6% | N/A | 6.6% |
| Avg Rent | $1,673 | $1,266 | N/A | - |
| Cap Rate | 10.9% | 9.3% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
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Property managers serving Peoria County
Manage rentals here? List your business →NHS Property Management, Inc. offers residential, commercial, and HOA property management services in Peoria, managing apartments and townhomes. summary from their website
S&S Property Management offers residential and commercial property management services in the Peoria, IL metropolitan area and Central Illinois, including apartments, rental homes, condos, and commerc summary from their website
Principle Property Management is proudly rooted in Peoria. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $119,216 |
| Monthly Rent | $1,673 |
| Price-to-Rent | 5.9:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 16.8% |
| Cap Rate | 10.9% |
| 5-Year IRR | 9.9% |
📈 Home Appreciation
| 1-Year | -7.6% ▼ |
| 3-Year CAGR | -1.5% ▼ |
| 5-Year CAGR | -1.0% ▼ |
| 10-Year CAGR | -1.5% ▼ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The estimated cap rate (10.9%) exceeds the current 30-yr mortgage rate (6.8%). When borrowing costs less than a property yields, leverage can increase your cash-on-cash return above the cap rate.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 61602
Population: 977
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 61602
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Trewyn Primary School
Pleasant Hill Elem School
Annie Jo Gordon Comm Lrning Cntr
Franklin Primary School
Lincoln School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 4,842 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How do home values compare in Peoria, IL?
Typical homes in Peoria, IL go for around $119K. The 5-year CAGR of 0.0% steady price movement.
Are 1% rule properties available in Peoria, IL?
Peoria, IL delivers a 1.40% rent-to-price ratio on average. Investors targeting the 1% rule will find solid opportunities.
What type of investing works in Peoria, IL?
Investors who focus on value-add and BRRRR deals typically do well in Peoria, IL. The numbers - $119K homes against $1,673/mo rents - support that play.
Is house hacking profitable in Peoria, IL?
Peoria, IL offers an attractive house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,673/mo rent level.
Are rents high in Peoria, IL?
Rent in Peoria, IL is around $1,673/mo. The resulting rent-to-value relationship with $119K pricing is reasonable for most investor models.
You know 61602 now. You don’t know where it ranks.
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How 61602 ranks in Peoria, IL
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