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 market analysis for Section 8 investors targeting ZIP 62719 in Springfield, IL, reveals that this unique ZIP code is primarily associated with the Illinois Department of Revenue and does not have typical residential or commercial properties. However, based on available data, the HUD Fair Market Rent (FMR) for ZIP 62719 is set at $1070 for FY 2024. Given the lack of specific market rent data for this ZIP code, we must rely on broader regional trends to assess the viability of voucher tenants.
A review of nearby ZIP codes indicates that the average market rent for similar units is likely higher than the HUD FMR. Therefore, voucher tenants would typically cashflow marginally at the FMR rate, requiring landlords to seek premium units or negotiate higher rents with voucher holders to ensure positive cashflow.
The median home value in the broader Springfield, IL MSA is not directly applicable to ZIP 62719 due to its unique institutional nature. However, for the larger Springfield metro area, the median home value is approximately $140,000. Using this figure, the rent-to-price ratio suggests that rental properties are relatively affordable compared to homeownership, but this dynamic is skewed by the lack of typical housing options in ZIP 62719.
The days on market (DOM) and price-cut share data are not available for this specific ZIP code, as it does not support residential or commercial real estate transactions. Nonetheless, these metrics are important for understanding the broader rental market dynamics in Springfield, IL.
The strongest investor angle in ZIP 62719 is stability. Due to its institutional nature, there is little risk of significant changes in the local economy affecting property values or rental demand. Investors should focus on securing premium units that can command higher rents while still being covered by the Section 8 voucher program.
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.