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 |
ZIP code 62791, located within the Springfield, IL MSA, stands out due to its specific characteristics when compared to typical ZIP codes in the same metro area. The Fair Market Rent (FMR) for ZIP 62791 in fiscal year 2024 is set at $1070. This figure is critical for landlords and investors interested in Section 8 properties, as it represents the maximum amount that can be charged for rental units under the program.
In contrast to the typical ZIP codes within the Springfield, IL MSA, ZIP 62791 has limited data available regarding its market rent and home values, both marked as N/A. Additionally, the percentage of renters in this ZIP code is also not specified, making it difficult to draw direct comparisons with other areas within the metro region.
Despite the lack of complete data, the FMR of $1070 suggests that ZIP 62791 could potentially serve as a value pocket within the Springfield, IL MSA. This classification is based on the assumption that the FMR is generally lower than the market rent in most areas, indicating that properties here might be more affordable for low-income tenants while still offering a reasonable return on investment for landlords.
The absence of market rent and home value data means we cannot definitively categorize ZIP 62791 as a mid-tier neighborhood or a premium sub-market. However, the combination of a defined FMR and unspecified market rents and home values hints at an area that may not be fully developed or well-documented in real estate metrics. This could present opportunities for savvy investors looking to capitalize on undervalued properties.
It's worth noting that a high renter share with below-average home values often indicates a prime location for Section 8 investments. While we do not have the exact percentage of renters for ZIP 62791, the defined FMR without corresponding market rent or home value data suggests a potential concentration of rental units, which could align with the characteristics of a Section 8 sweet spot.
To make more informed decisions about investing in ZIP 62791, further research into local market conditions would be beneficial. Engaging with local realtors and reviewing recent property listings can provide additional insights into the actual market dynamics of this ZIP code.
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.