ZIP Code · IL

ZIP 62703

Part of Springfield, IL

Pop. 28,922·Sangamon County·201st most expensive ZIP in Illinois

Median rent (all units)

$1,192/mo

Year-over-Year

+6.6%

Month-over-Month

+1.4%

vs US Median

-$740

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 62703 · $1,192

More affordable than 92% of US ZIP codes · National median $1,932/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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 62703 is 0.3% below its high of $1,196 in March 2026, at $1,192 as of September 2026.

Past year vs. the rest of Illinois

Rent in ZIP 62703 changed +6.6% 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 8 of the last 12 months.

What a typical income covers

30% of the median household income ($45,009) is $1,125 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($970); a 2-bedroom is $1,200.

From Zillow's monthly rent index (ZORI) for ZIP 62703. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,304/yr

At $1,192/mo median

Location

CitySpringfield

StateIL

CountySangamon County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 6.6% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+6.6% YoY, +1.4% 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

2023 vs 2026

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

Rent

$915 → $1,192

up 30.3%

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

Compared with 2023, rent in ZIP 62703 in Springfield, IL has climbed by $277 per month, settling near $1,192 after starting the period at $915. Census figures show median household income at $45,009 today, compared with $40,514 five years earlier. Rent outpaced income growth by roughly 19.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. 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%. The combined trend lines point to a market that has changed measurably from where it stood in early 2023.

Community

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Local insights

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About renting in ZIP 62703

Last updated: October 17, 2026

ZIP code 62703 covers Springfield, IL. The median rent here is $1,192/mo as of October 2026. A 1-bedroom rents for a median of $970/mo. A 2-bedroom rents for a median of $1,200/mo.

At 32% of local median household income ($45,009/yr), ZIP 62703 ranks as moderate compared to the national benchmark of 30%. Rents have increased 6.6% over the past year.

FAQ

Frequently asked questions

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 $48,000/year (about $23/hour full-time) to afford the median rent of $1,192/mo in ZIP 62703. The local median household income is $45,009/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 62703?

Rent in ZIP 62703 has risen 6.6% over the past year as of September 2026. It sits 0.3% below its high of $1,196 in March 2026.

How does ZIP 62703 compare to other ZIPs in Illinois?

ZIP 62703 is one of the more affordable among Illinois ZIP codes for rent, ranking #201 of 227 at $1,192/mo. Over the year to September 2026, rent in ZIP 62703 changed +6.6%, against a typical +4.7% across the 172 Illinois ZIP codes Zillow tracks.