Housing market/Illinois/ZIP 62702
ZIP 62702 Springfield, Illinois
Springfield, IL MSA · Illinois. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.
ZIP brief
Email this profile
HUD schedule, ACS stock, and the 90–110% band for ZIP 62702 · IL — sent to you.
ZIP 62702 · IL
ACS rent vs 2BR SAFMR
ZIP 62702 — Springfield, IL HUD Section 8 Payment Standards / SAFMR →ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.
Housing stock
ACS 2023 units-in-structure · ZCTA 62702
- 1-unit detached12,15871.2%
- 1-unit attached2521.5%
- 2–4 units9555.6%
- 5–49 units1,3567.9%
- 50+ units6774.0%
- Mobile1,6859.9%
2–4 unit share 5.6% · 5–49 unit share 7.9% · combined 2–49 13.5%.
Units by bedrooms
Rent burden
- ACS median gross rent $858 (all bedrooms, occupied rentals).
- Median contract rent $692.
- Renters paying ≥30% of income 46.1%; ≥50% 23.7%.
- FY2027 2BR SAFMR $1,200 (1.399× ACS median gross rent).
Population
31,251 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: -8.2%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: 14 projects, 200 units.
- HUD project-based assisted MF: 4 properties, 387 assisted units.
- HCV household counts (Picture of Subsidized Households) are not on this page yet.
New apartment permits
About 0 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.
Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.
What the data shows
ZIP 62702 35.6% of occupied households are renters; vacancy is 15.2%; ACS median gross rent is $858; population changed -8.2% between the 2018 and 2023 ACS vintages; the housing stock includes 955 units in 2–4-unit structures and 1,356 units in 5–49-unit structures; 14 LIHTC projects totaling 200 units; FY2027 2BR SAFMR is $1,200 versus ACS median gross rent of $858. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.
Illinois research
ZIP 62702 is a Census / HUD profile for Springfield, IL. Not a listing page. Brokerage is Georgia; out-of-state work is referral.
ZIP 62702 — Springfield, IL HUD Section 8 Payment Standards / SAFMR·Illinois ZIP directory
Nearby ZIPs in this FMR area
Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Illinois research. Brokerage is Georgia.
FAQ
What is the housing market like in ZIP 62702?
ZIP 62702 (Springfield, IL MSA) has 31,251 residents, 14,487 households, a renter share of 35.6%, median household income of $52,748, and ACS 2023 median gross rent of $858. Vacancy is 15.2%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 62702?
ACS counts 438 units in 2-unit buildings, 517 in 3–4 unit buildings, 815 in 5–9, 371 in 10–19, and 170 in 20–49. Combined 2–49 unit stock is 2,311 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 62702?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,200. See the full schedule and 90–110% payment-standard band on the ZIP 62702 — Springfield, IL HUD Section 8 Payment Standards / SAFMR.
Does this Illinois ZIP profile include Georgia listings?
No. ZIP 62702 is Census / HUD research for Springfield, IL MSA. Jeff Crowe CRE does not list Illinois property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.