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ZIP Code · IL

ZIP 62298

Part of Waterloo, IL
Pop. 18,208·Monroe County·227th most expensive ZIP in Illinois
Median rent (all units)
$1,050/mo
Year-over-Year
-3.7%
Month-over-Month
-3.7%
vs US Median
-$915
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 62298 · $1,050
More affordable than 95% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$820
1 BR
$860
2 BR
$1,050
3 BR
$1,350
4 BR+
$1,560
Research median
$1,050/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: April 19, 2026

Annual cost
$12,600/yr
At $1,050/mo median
Location
StateIL
CountyMonroe County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 3.7% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-3.7% YoY, -3.7% MoM), not inventory.
Demographics

Who lives here

ZIP 62298 (Waterloo, IL) is majority owner-occupied, has a large retiree population, has a median income above the national average, 36.2% of residents hold a bachelor's degree or higher.

Population
18,208
Median income
$101,155
Median age
44.1
Renters
14.7%
Age distribution
20.6%
17.9%
26.1%
14.5%
20.9%
Under 1820.6%
18–3417.9%
35–5426.1%
55–6414.5%
65+20.9%
Gender
50%
50%
Male50%
Female50%
Race & ethnicity
96%
White96%
Black0.6%
Hispanic1.3%
Asian1.1%
Other1%
Education (25+)
25.8%
33.7%
36.2%
No HS diploma4.4%
HS diploma25.8%
Some college33.7%
Bachelor's+36.2%
Housing tenure
85.3%
14.7%
Owner85.3%
Renter14.7%

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

2021 vs 2026

How ZIP 62298 in Waterloo, IL has changed in 5 years

Income
$84,770 → $101,155
up 19.3%
Population
17,024 → 18,208
up 7.0%
Renter share
17.3% → 14.7%
-2.6 pts
Bachelor's+
33.2% → 36.2%
+3.0 pts
Median age
42.9 → 44.1
+1.2 yrs

On the earnings side, the typical household in ZIP 62298 in Waterloo, IL now reports about $101,155, up from $84,770 in 2021. The population has grown by 7.0% since 2021, moving from about 17,024 residents to roughly 18,208. Renters now make up 14.7% of households, compared with 17.3% five years ago. College-educated residents now make up 36.2% of adults here, versus 33.2% in 2021.

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Local insights

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About renting in ZIP 62298

Last updated: April 19, 2026

ZIP code 62298 covers Waterloo, IL. The median rent here is $1,050/mo as of April 2026. A 1-bedroom rents for a median of $860/mo. A 2-bedroom rents for a median of $1,050/mo.

At 12% of local median household income ($101,155/yr), ZIP 62298 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 3.7% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 62298?

As of April 19, 2026, the median monthly rent in ZIP 62298 (Waterloo, IL) is $1,050. This is based on aggregated data from public sources and community submissions.

How does ZIP 62298 rent compare to the US average?

ZIP 62298's median rent of $1,050/mo is $915 (47%) below the US national median of $1,965/mo.

How does ZIP 62298 compare to other ZIPs in Illinois?

ZIP 62298 is among the more affordable ZIP codes in Illinois, ranking #227 out of 250 ZIPs at $1,050/mo.

How much income do you need to rent in ZIP 62298?

To keep rent at or below 30% of gross income, you would need to earn at least $42,000/year (~$20/hour full-time) to afford the median rent of $1,050/mo in ZIP 62298. The local median household income is $101,155/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 62298?

Rent in ZIP 62298 has decreased 3.7% over the past year as of April 19, 2026, offering some relief compared to 12 months ago.

Is ZIP 62298 an affordable place to rent?

ZIP 62298 is considered very affordable for renters. At $1,050/mo, rent takes approximately 12% of the local median household income ($101,155/yr). The standard benchmark is 30%. ZIP 62298 falls comfortably within that range.

What percentage of ZIP 62298 residents rent vs. own?

According to Census data, approximately 14.7% of ZIP 62298 households are renters, while 85.3% are owner-occupied. ZIP 62298 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 62298 compare to the rest of Waterloo?

ZIP 62298 is more affordable than Waterloo overall. At $1,050/mo, it's $300 below the Waterloo citywide median of $1,350/mo.

When was rent data for ZIP 62298 last updated?

Rent data for ZIP 62298 reflects April 19, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
12%
VERY AFFORDABLE

At $1,050/mo, rent takes ~12% of ZIP 62298's median household income ($101,155/yr). The standard benchmark is 30%.

ZIP 62298 12%Benchmark 30%
State income tax4.95%
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Schools nearby

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