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ZIP Code · IL

ZIP 62703

Pop. 28,922·Sangamon County·207th most expensive ZIP in Illinois
Median rent (all units)
$1,144/mo
Year-over-Year
+3.9%
Month-over-Month
-0.7%
vs US Median
-$821
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 62703 · $1,144
More affordable than 94% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$830
1 BR
$970
2 BR
$1,200
3 BR
$1,610
4 BR+
$1,680
Research median
$1,200/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: July 20, 2026

Annual cost
$13,728/yr
At $1,144/mo median
Location
StateIL
CountySangamon County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (3.9% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+3.9% YoY, -0.7% MoM), not inventory.
Demographics

Who lives here

ZIP 62703 (Springfield, IL) is majority owner-occupied, has a median income below the national average, 22.1% of residents hold a bachelor's degree or higher.

Population
28,922
Median income
$45,009
Median age
38.6
Renters
42.5%
Age distribution
20.2%
25.7%
23.2%
13.1%
17.8%
Under 1820.2%
18–3425.7%
35–5423.2%
55–6413.1%
65+17.8%
Gender
48.6%
51.4%
Male48.6%
Female51.4%
Race & ethnicity
55%
33.7%
White55%
Black33.7%
Hispanic4.8%
Asian1.5%
Other5%
Education (25+)
13.1%
36.6%
28.1%
22.1%
No HS diploma13.1%
HS diploma36.6%
Some college28.1%
Bachelor's+22.1%
Housing tenure
57.5%
42.5%
Owner57.5%
Renter42.5%

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

2021 vs 2026

How ZIP 62703 in Springfield, IL has changed in 5 years

Income
$40,514 → $45,009
up 11.1%
Population
28,768 → 28,922
up 0.5%
Renter share
43.2% → 42.5%
-0.7 pts
Bachelor's+
18.8% → 22.1%
+3.3 pts
Median age
37.9 → 38.6
+0.7 yrs

Census figures show median household income at $45,009 today, compared with $40,514 five years earlier. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 18.8% to 22.1%.

Community

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Local insights

Tips for renters in ZIP 62703

About renting in ZIP 62703

Last updated: July 20, 2026

ZIP code 62703 covers Springfield, IL. The median rent here is $1,144/mo as of July 2026. A 1-bedroom rents for a median of $970/mo. A 2-bedroom rents for a median of $1,200/mo.

At 31% of local median household income ($45,009/yr), ZIP 62703 ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.9% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 62703?

As of July 20, 2026, the median monthly rent in ZIP 62703 (Springfield, IL) is $1,144. This is based on aggregated data from public sources and community submissions.

How does ZIP 62703 rent compare to the US average?

ZIP 62703's median rent of $1,144/mo is $821 (42%) below the US national median of $1,965/mo.

How does ZIP 62703 compare to other ZIPs in Illinois?

ZIP 62703 is among the more affordable ZIP codes in Illinois, ranking #207 out of 230 ZIPs at $1,144/mo.

How much income do you need to rent in ZIP 62703?

To keep rent at or below 30% of gross income, you would need to earn at least $46,000/year (~$22/hour full-time) to afford the median rent of $1,144/mo in ZIP 62703. The local median household income is $45,009/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 62703?

Rent in ZIP 62703 has increased 3.9% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 62703 an affordable place to rent?

ZIP 62703 is considered moderate for renters. At $1,144/mo, rent takes approximately 31% of the local median household income ($45,009/yr). The standard benchmark is 30%. ZIP 62703 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 62703 residents rent vs. own?

According to Census data, approximately 42.5% of ZIP 62703 households are renters, while 57.5% are owner-occupied. ZIP 62703 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 62703 compare to the rest of Springfield?

ZIP 62703 is more affordable than Springfield overall. At $1,144/mo, it's $32 below the Springfield citywide median of $1,176/mo.

When was rent data for ZIP 62703 last updated?

Rent data for ZIP 62703 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
31%
MODERATE

At $1,144/mo, rent takes ~31% of ZIP 62703's median household income ($45,009/yr). The standard benchmark is 30%.

ZIP 62703 31%Benchmark 30%
State income tax4.95%
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Schools nearby

Public schools near ZIP 62703 (Springfield, IL)

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