FMR is near market; voucher and private rents are aligned.
0.96
1 BR
1 BR
1.03ratio
FMR$980
Market$950
vs market+$30
FMR is near market; voucher and private rents are aligned.
1.03
2 BR
2 BR
0.99ratio
FMR$1,240
Market$1,250
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR
1.12ratio
FMR$1,630
Market$1,460
vs market+$170
FMR is above market; underwrite to market rent.
1.12
4 BR
4 BR
0.99ratio
FMR$1,730
Market$1,750
vs market-$20
FMR is near market; voucher and private rents are aligned.
0.99
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 62705 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 62705 (Springfield, IL) is $1,240 a month. That is up 2.5% from $1,210 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, 62705 is tied for the 14th-highest two-bedroom rent (county range $1,090–$1,860). The median county two-bedroom FMR in Illinois is $958, so ZIP 62705 is 30% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 62705
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$830
$860
+3.6%
$774–$946
1BR
$980
$980
0.0%
$882–$1,078
2BR
$1,210
$1,240
+2.5%
$1,116–$1,364
3BR
$1,620
$1,630
+0.6%
$1,467–$1,793
4BR
$1,690
$1,730
+2.4%
$1,557–$1,903
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 62705
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$860
$980
$1,240
$1,630
$1,730
FY 2026
$830
$980
$1,210
$1,620
$1,690
FY 2025
$780
$930
$1,140
$1,540
$1,580
FY 2024
$730
$870
$1,070
$1,420
$1,460
FY 2023
$610
$740
$910
$1,190
$1,250
Two-bedroom rent in nearby Sangamon County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 62705?
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 $1,240 it would be $1,116 to $1,364. 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 62705 in?
ZIP 62705 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 62705 for FY 2027?
The two-bedroom FMR rose 2.5%, from $1,210 in FY 2026 to $1,240 in FY 2027. Since FY 2023 it has risen 36.3%.
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