Location: Springfield, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
The ZIP code 62705 is located in Springfield, Illinois. Unfortunately, detailed demographic information such as population, percentage of renters, median income, and median home value is incomplete for this ZIP code due to it being classified as a PO Box area. However, we can still analyze the rent economics.
The Fair Market Rent (FMR) for ZIP 62705 in fiscal year 2024 is set at $1070. While specific market rent figures are not available for ZIP 62705, the broader Springfield housing market shows an average home value of $163,198, which has increased by 8.2% over the past year. This suggests a moderately stable housing market, though precise comparisons to market rents cannot be made without additional data.
Given the limited demographic data and the focus on fair market rents, ZIP 62705 would likely suit a hands-off voucher operator more than a hands-on value-add buyer. The lack of detailed population and income statistics makes it challenging to assess potential for value-added investments. However, the presence of a defined fair market rent indicates a viable opportunity for landlords who wish to participate in the Section 8 program without extensive property management activities.
Data Sources: FMR data from HUD (2027).
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.