For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 62701 (Springfield, IL) is $1,300 a month. That is down 5.1% from $1,370 in FY 2026. Springfield is in the Springfield, IL MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,237. Among 42 ZIP codes in Sangamon County, 62701 has the 8th-highest two-bedroom rent (county range $1,090–$1,860). The median county two-bedroom FMR in Illinois is $958, so ZIP 62701 is 36% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 62701
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$940
$910
−3.2%
$819–$1,001
1BR
$1,100
$1,030
−6.4%
$927–$1,133
2BR
$1,370
$1,300
−5.1%
$1,170–$1,430
3BR
$1,830
$1,710
−6.6%
$1,539–$1,881
4BR
$1,920
$1,820
−5.2%
$1,638–$2,002
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 62701
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$910
$1,030
$1,300
$1,710
$1,820
FY 2026
$940
$1,100
$1,370
$1,830
$1,920
FY 2025
$920
$1,090
$1,340
$1,810
$1,850
FY 2024
$880
$1,060
$1,300
$1,730
$1,770
FY 2023
$770
$940
$1,150
$1,510
$1,580
Two-bedroom rent in nearby Sangamon County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 62701?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,237, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,113 to $1,361 a month; under the ZIP-level Small Area FMR of $1,300 it would be $1,170 to $1,430. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 62701 in?
ZIP 62701 is in the Springfield, IL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,237.
How much did fair market rent change in ZIP 62701 for FY 2027?
The two-bedroom FMR fell 5.1%, from $1,370 in FY 2026 to $1,300 in FY 2027. Since FY 2023 it has risen 13.0%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set