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 rental landscape in ZIP code 62756, located in Illinois, presents a unique challenge when considering the financial capabilities of potential tenants. The median income for households in this area is currently not available, which complicates the analysis of whether a typical resident can afford the market rate rent, also marked as N/A. However, we do know the Fair Market Rent (FMR) for the area, set at $1070 for fiscal year 2024, which serves as a benchmark for housing affordability.
The voucher payment standard, which is tied to the FMR, offers landlords a guaranteed income at the $1070 level. This means that if a tenant uses a housing voucher, the landlord can expect to receive this amount per month, regardless of the market conditions. In contrast, the lack of specific market rate data makes it difficult to accurately gauge how much higher or lower the actual rents might be compared to the voucher standard.
With an unknown percentage of renters and an unspecified population size, understanding the competition among landlords becomes less straightforward. However, the absence of detailed local income data suggests that there could be a significant portion of residents who rely on housing vouchers to meet their rental obligations. This reliance on vouchers indicates a substantial affordability gap, where many residents cannot cover the market rate without assistance.
The takeaway for landlords considering their strategy in ZIP 62756 is clear. Given the reliance on housing vouchers and the uncertainty around local incomes and market rates, focusing on accepting vouchers can provide a stable and predictable income stream. Landlords should weigh the benefits of voucher payments, which ensure a steady flow of $1070 per unit, against the risks associated with relying on cash-paying tenants whose ability to pay the market rate remains unclear. Accepting vouchers can help landlords attract and retain tenants in a market where affordability is a critical concern.
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.