Location: Springfield, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 62615 reveals a market that offers a balance between yield and stability, making it neither a high-yield/low-stability flip-style market nor purely a steady-cashflow zone. The key figures driving this assessment are as follows:
On the yield axis, the Fair Market Rent (FMR) for ZIP 62615 in fiscal year 2024 is set at $1,110. This compares favorably to the market rent of $1,072, indicating a slight premium for Section 8 properties. However, the median home value of $183,784 suggests that there is significant equity in these homes, which can influence the overall return on investment when considering property appreciation and mortgage costs.
Moving to the stability axis, the percentage of renters at 17.6% is relatively low, implying that there is a smaller pool of potential tenants who rely on rental assistance programs. The average daily days on market (DOM) data is not available, which could be indicative of either a quickly moving market or a lack of recent sales activity. Lastly, the median household income of $84,632 provides insight into the financial health of the residents, suggesting that while not all may qualify for Section 8, there is a reasonable level of economic stability in the area.
To summarize, ZIP 62615 presents a market that leans towards moderate stability due to the lower percentage of renters and decent household income levels. It also offers a modest yield advantage through slightly higher FMRs compared to market rents. Landlords and small-portfolio investors should consider the local demand for subsidized housing and the potential for property value growth before making investment decisions in this area.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.