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

-$882

Reported rents

Falling (Monthly)

Be the first to discuss 62298 rents ↓

Most AffordableMost Expensive

ZIP 62298 · $1,050

More affordable than 95% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

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

Loading…

Last updated: April 19, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($101,155) is $2,529 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,560).

From Zillow's monthly rent index (ZORI) for ZIP 62298. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$12,600/yr

At $1,050/mo median

Location

CityWaterloo

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%

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.

Community

Discussions about ZIP 62298

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 62298

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 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 (about $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, so the typical household meets that bar.