Location: Springfield, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 62689 stands out due to its unique data profile. With only 542 residents, it has a very low rental rate of 7.8%, indicating that the majority of the population owns their homes. The median income in this area is $61,500, which suggests a middle-class community. However, the median home value is listed as N/A, implying either a lack of data or an unusual distribution of property values.
Moving to the voucher economics, the Fair Market Rent (FMR) for ZIP 62689 in fiscal year 2024 is set at $930. This compares favorably to the market rent, which according to Census ACS data, is $923. This slight premium can be beneficial for landlords participating in the Section 8 program, as it ensures they receive a rent amount that is slightly above the local market rate, thus protecting them against potential losses.
Given the data signature, ZIP 62689 appears to be a stable area. The low rental rate and the established median income suggest a community where homeownership is prevalent and economic conditions are relatively consistent. Landlords and small-portfolio investors should find the slight advantage in FMR over market rent reassuring, as it indicates that the government's estimates are aligned with market realities, providing a predictable financial environment.
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.