Real Estate Investing in Peoria, Illinois (61604)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 61604 (Peoria, IL)? Our answer, based on the numbers below.
Strong fundamentals — affordable, appreciating, and stable. A confident pick for primary residence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- Elevated vacancy: 9.8% vacancy may signal weakening demand.
What’s happening in Peoria, IL (61604)?
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Market Analysis: 61604 Peoria
Investors eyeing 61604 need to respect the fundamentals at play. Home values of $114K come alongside slower price movement and elevated management overhead.
The 61604 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Stepping back, 61604 offers a low basis, the region around Peoria has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 61604 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
The 61604 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Peoria:
Property Strategy for 61604
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $52,762 | $830 | 11.3% | +5.7% | $52,762 |
| 2BR | $85,030 | $1,050 | 8.9% | +10.2% | $42,515 |
| 3BR | $122,038 | $1,360 | 8.0% | +8.7% | $40,679 |
| 4BR | $142,278 | $1,460 | 7.4% | +7.8% | $35,569 |
| 5BR | $139,164 | — | — | +7.7% | $27,833 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 61604 Compare?
| Metric | 61604 | Peoria | Peoria, IL | Illinois |
|---|---|---|---|---|
| Home Value | $114,291 | $48,800 | N/A | $279,761 |
| 5-Year CAGR | 8.5% | 6.6% | N/A | 6.6% |
| Avg Rent | $994 | $1,266 | N/A | - |
| Cap Rate | 6.8% | 9.3% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 61604 (Peoria, IL). Anonymous, moderated, never written by AI.
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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 | $114,291 |
| Monthly Rent | $994 |
| Price-to-Rent | 9.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 10.4% |
| Cap Rate | 6.8% |
| 5-Year IRR | 15.3% |
📈 Home Appreciation
| 1-Year | +10.9% ▲ |
| 3-Year CAGR | +9.2% ▲ |
| 5-Year CAGR | +8.5% ▲ |
| 10-Year CAGR | +5.2% ▲ |
🏠 Rent Trends
| 1-Year | -8.7% ▼ |
| 3-Year CAGR | +3.4% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) is close to the estimated cap rate (6.8%). Financing this market at current rates produces a cash-on-cash return near the cap rate. Appreciation and tax benefits may still support the investment.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 61604
Population: 27,502
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 61604
Schools in This ZIP Code
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
Do rentals sit vacant long in Peoria, IL?
Vacancy in Peoria, IL is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $994/mo.
Is Peoria, IL a friendly market for rental owners?
Landlord-friendliness in Peoria, IL is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What kind of market is Peoria, IL for investors?
The 4.0/5 investability rating in Peoria, IL reflects its $114K prices and $994/mo rents. Investors generally consider it a solid option within IL.
Is Peoria, IL a good market for FHA house hackers?
The a challenging house-hack environment in Peoria, IL reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
How much is rent in Peoria, IL?
Investors in Peoria, IL typically see rents near $994/mo per month against $114K home values - a solid setup for rental cash flow.
You know 61604 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 61604 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 61604 ranks in Peoria, IL
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