ZIP Code · IL

ZIP 62702

Part of Springfield, IL

Pop. 31,033·Sangamon County·199th most expensive ZIP in Illinois

Median rent (all units)

$1,207/mo

Year-over-Year

+8.7%

Month-over-Month

+2.2%

vs US Median

-$725

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 62702 · $1,207

More affordable than 91% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$810

1 BR

$950

2 BR

$1,180

3 BR

$1,580

4 BR+

$1,650

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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 62702 is at its highest level since Zillow's records here began in February 2023.

Past year vs. the rest of Illinois

Rent in ZIP 62702 changed +8.7% over the year to September 2026. Across the 172 Illinois ZIP codes Zillow tracks, the typical change was +4.7%.

Recent direction

Rent has risen 2 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($51,136) is $1,278 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,180); a 3-bedroom is $1,580.

From Zillow's monthly rent index (ZORI) for ZIP 62702. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,484/yr

At $1,207/mo median

Location

CitySpringfield

StateIL

CountySangamon County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 8.7% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+8.7% YoY, +2.2% MoM), not inventory.

Demographics

Who lives here

ZIP 62702 (Springfield, IL) is majority owner-occupied, has a median income below the national average, 18.8% of residents hold a bachelor's degree or higher.

Population

31,033

Median income

$51,136

Median age

Renters

35.7%

Age distribution

22.2%

21.9%

24.3%

13.8%

17.8%

Under 1822.2%

18–3421.9%

35–5424.3%

55–6413.8%

65+17.8%

Gender

48.6%

51.4%

Male48.6%

Female51.4%

Race & ethnicity

73.2%

16.7%

White73.2%

Black16.7%

Hispanic2.7%

Asian0.9%

Other6.5%

Education (25+)

37.3%

34.5%

18.8%

No HS diploma9.4%

HS diploma37.3%

Some college34.5%

Bachelor's+18.8%

Housing tenure

64.3%

35.7%

Owner64.3%

Renter35.7%

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

2023 vs 2026

How ZIP 62702 in Springfield, IL has changed in 5 years

Rent

$947 → $1,207

up 27.5%

Income

$46,543 → $51,136

up 9.9%

Population

33,303 → 31,033

down 6.8%

Renter share

39% → 35.7%

-3.3 pts

Bachelor's+

18.3% → 18.8%

+0.5 pts

Median age

38.9 → 40

+1.1 yrs

The median rent in ZIP 62702 in Springfield, IL stood at $947 in 2023 and currently runs about $1,207, reflecting a 27.5% increase over the period. Census figures show median household income at $51,136 today, compared with $46,543 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 6.8% since 2021, moving from about 33,303 residents to roughly 31,033. Renters now make up 35.7% of households, compared with 39% five years ago. The combined trend lines point to a market that has changed measurably from where it stood in early 2023.

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About renting in ZIP 62702

Last updated: October 17, 2026

ZIP code 62702 covers Springfield, IL. The median rent here is $1,207/mo as of October 2026. A 1-bedroom rents for a median of $950/mo. A 2-bedroom rents for a median of $1,180/mo.

At 28% of local median household income ($51,136/yr), ZIP 62702 ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 62702?

To keep rent at or below 30% of gross income, you would need to earn at least $48,000/year (about $23/hour full-time) to afford the median rent of $1,207/mo in ZIP 62702. The local median household income is $51,136/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 62702?

Rent in ZIP 62702 has risen 8.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in February 2023.

How does ZIP 62702 compare to other ZIPs in Illinois?

ZIP 62702 is one of the more affordable among Illinois ZIP codes for rent, ranking #199 of 227 at $1,207/mo. Over the year to September 2026, rent in ZIP 62702 changed +8.7%, against a typical +4.7% across the 172 Illinois ZIP codes Zillow tracks.