Location: Springfield, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
U.S. Census Bureau data (2024)
The ZIP code 62711 stands out within its county due to several key demographic and economic factors. With a population of 18,559 residents, it has a rental rate of 21.2%, which is slightly above the national average. The median income in this area is $124,816, indicating a relatively affluent community. Furthermore, the median home value of $357,432 reflects a strong real estate market.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 62711 in fiscal year 2024 is set at $1,260. This figure is notably lower than the market rent, which is estimated at $1,337 according to the Census Bureau's American Community Survey. This discrepancy means that landlords accepting vouchers might see a slight shortfall in covering their actual costs, but the difference is minimal and can be managed through careful tenant selection and property maintenance.
The data signature for ZIP 62711 suggests a stable environment. The median income is robust, supporting both renters and homeowners. Additionally, the high median home value indicates a consistent demand for housing, which is beneficial for real estate investments. While the rental market shows a slight preference for renting over owning, the overall economic indicators point towards stability rather than transition.
In summary, ZIP 62711 offers a favorable landscape for real estate investment, with a healthy balance between renters and homeowners. Although the FMR is slightly below market rates, the gap is narrow enough to maintain a steady flow of potential tenants. Landlords and small-portfolio investors should consider the long-term stability of this area when evaluating opportunities.
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.