ZIP Code · IL

ZIP 62294

Part of Troy, IL

Pop. 15,325·Madison County·192nd most expensive ZIP in Illinois

Median rent (all units)

$1,317/mo

Year-over-Year

Stable

Month-over-Month

-7.6%

vs US Median

-$615

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 62294 · $1,317

More affordable than 85% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$930

1 BR

$960

2 BR

$1,180

3 BR

$1,520

4 BR+

$1,760

Research median

$1,180/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: August 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($120,466) is $3,012 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,760).

Cheaper nearby

ZIP 62234, 6 miles away, rents for 12% less ($1,161/mo), about $1,900 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 62294. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$15,804/yr

At $1,317/mo median

Location

CityTroy

StateIL

CountyMadison County

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (+0.0% YoY, -7.6% MoM), not inventory.

Demographics

Who lives here

ZIP 62294 (Troy, IL) is majority owner-occupied, has a large share of families with children, has a median income above the national average, 47.1% of residents hold a bachelor's degree or higher.

Population

15,325

Median income

$120,466

Median age

36.4

Renters

20.9%

Age distribution

28.1%

19.5%

24.8%

13.9%

13.7%

Under 1828.1%

18–3419.5%

35–5424.8%

55–6413.9%

65+13.7%

Gender

48.3%

51.7%

Male48.3%

Female51.7%

Race & ethnicity

91.8%

White91.8%

Black1%

Hispanic2.7%

Asian0.5%

Other4%

Education (25+)

15.7%

35.1%

47.1%

No HS diploma2.2%

HS diploma15.7%

Some college35.1%

Bachelor's+47.1%

Housing tenure

79.1%

20.9%

Owner79.1%

Renter20.9%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 62294 in Troy, IL has changed in 5 years

Income

$89,471 → $120,466

up 34.6%

Population

14,827 → 15,325

up 3.4%

Renter share

22.8% → 20.9%

-1.9 pts

Bachelor's+

37.7% → 47.1%

+9.4 pts

Median age

39.4 → 36.4

-3.0 yrs

Household income in the area moved from $89,471 to $120,466 across the same window, up 34.6% versus 2021. Census counts show ZIP 62294 in Troy, IL adding about 498 residents over the five-year window, up 3.4% on net. The renter share has eased from 22.8% to 20.9%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 37.7% to 47.1% across the same window.

Community

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Local insights

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About renting in ZIP 62294

Last updated: August 17, 2026

ZIP code 62294 covers Troy, IL. The median rent here is $1,317/mo as of August 2026. A 1-bedroom rents for a median of $960/mo. A 2-bedroom rents for a median of $1,180/mo.

At 13% of local median household income ($120,466/yr), ZIP 62294 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 62294?

To keep rent at or below 30% of gross income, you would need to earn at least $53,000/year (about $25/hour full-time) to afford the median rent of $1,317/mo in ZIP 62294. The local median household income is $120,466/yr, so the typical household meets that bar.