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Sangamon County/Springfield/62762

62762

ZIPFMR
Sangamon County, IL
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$861$890
1 BR$977$950
2 BR$1,237$1,250
3 BR$1,631$1,460
4 BR$1,728$1,740
5 BR$1,987Not available
6 BR$2,285Not available
7 BR$2,628Not available
8 BR$3,022Not available

Purchase Price Calculator

Maximum purchase price
$123,833

Cost breakdown

+Likely effective rent$1,250
HUD FMR$1,237
Market rent$1,250
Est. payment standard (101%)Used$1,250
-Principal and interest-$626
Loan amount$99,066
Down payment$24,767
Rate6.50%
Term30 years
-Operating costs-$424
Property taxes-$124
Insurance-$175
Utilities$0
HOA$0
Management-$125
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,271(81.8% ROI)
Projected value
$133,355
Return breakdown
Property appreciation+$9,522
Loan principal paid down+$3,549
Rental cash flow+$7,200
5-year hold
+$34,602(139.7% ROI)
Projected value
$140,106
Return breakdown
Property appreciation+$16,273
Loan principal paid down+$6,329
Rental cash flow+$12,000
10-year hold
+$73,765(297.8% ROI)
Projected value
$158,517
Return breakdown
Property appreciation+$34,684
Loan principal paid down+$15,082
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.96
1 BR
1.03
2 BR
0.99
3 BR
1.12
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 62762 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 62762 (Springfield, IL) is $1,237 a month. That is up 2.8% from $1,203 in FY 2026. Springfield is in the Springfield, IL MSA. The median county two-bedroom FMR in Illinois is $958, so ZIP 62762 is 29% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 62762
BedroomsFY 2027Change90–110% range
Studio$861+3.9%$775–$947
1BR$977+0.7%$879–$1,075
2BR$1,237+2.8%$1,113–$1,361
3BR$1,631+1.2%$1,468–$1,794
4BR$1,728+2.7%$1,555–$1,901

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 62762
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$861$977$1,237$1,631$1,728
FY 2026$829$970$1,203$1,611$1,682
FY 2025$776$921$1,132$1,529$1,564
FY 2024$725$873$1,070$1,421$1,459
FY 2023$609$741$911$1,194$1,254

Questions about ZIP 62762 rents

How much will Section 8 pay for a two-bedroom in ZIP 62762?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,237, that basic range is $1,113 to $1,361 a month. 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 62762 in?

ZIP 62762 is in the Springfield, IL MSA. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in ZIP 62762 for FY 2027?

The two-bedroom FMR rose 2.8%, from $1,203 in FY 2026 to $1,237 in FY 2027. Since FY 2023 it has risen 35.8%.

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 Fair Market Rents. 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

County fair market rentSpringfield, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources