Section 8 Fair Market Rent (FMR) for ZIP 62702 - 2027

Location: Springfield, IL | Metro: Springfield, IL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$950
2 Bedrooms	$1,200
3 Bedrooms	$1,580
4 Bedrooms	$1,680
5 Bedrooms	$1,949
6 Bedrooms	$2,183
7 Bedrooms	$2,358
8 Bedrooms	$2,476

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

31,033

Median Household Income

$51,136

Housing Units

17,011

Renter Percentage

35.7%

Occupancy Rate

86.2%

Renter Occupied

5,238

Housing Authorities Serving ZIP 62702

Springfield Housing Authority (Springfield, IL) - 2,463 Section 8 vouchers

The ZIP code 62702, located in Springfield, Illinois, represents a neighborhood that balances affordability with accessibility to urban amenities. This area is particularly relevant for investors interested in Section 8 housing due to its specific characteristics and rental market dynamics.

The Fair Market Rent (FMR) for ZIP 62702 in fiscal year 2024 is set at $1070, providing a benchmark for rental prices eligible under the Section 8 program.
The market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $1,133, indicating that properties in this area can command slightly above the FMR when rented on the open market.
The median home value in ZIP 62702 is $105,563, which is relatively low compared to other parts of the city, making it an attractive option for first-time homebuyers and investors looking for affordable entry points.
Renters make up 35.7% of the population, showing a significant demand for rental properties and a competitive market for Section 8 housing.
The days on market (DOM) for rental listings average 13 days, suggesting a brisk pace in the rental market where properties are quickly filled.
The median household income in the area is $51,136, which influences the ability of residents to afford higher rents and impacts the demand for subsidized housing options.

Investors should consider these factors collectively. The proximity of market rent to the FMR suggests potential for modest profit margins when participating in the Section 8 program. The low median home value and high renter share indicate a strong demand for affordable rental housing, while the quick turnaround time for rentals signals a healthy market. However, the median income level suggests that tenants may prefer lower-cost housing, aligning well with the Section 8 subsidy structure. Overall, ZIP 62702 presents a viable opportunity for investors focused on affordable housing solutions.

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.