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Rental Insights for ZIP Code 62704 (Springfield, IL)

Housing Rentals in ZIP Code 62704 (Springfield, IL)

62704 ZIP Code in Illinois

A Detailed Housing Rental Snapshot of the ZIP Code 62704

ZIP Code 62704 is principally located in Springfield, IL in Sangamon County. This Illinois region has a median housing rent payment of $797 per month. Approximately 41.3% of housing units in this Sangamon County ZIP Code are occupied by renters, while the region has an estimated rental unit vacancy rate of 6.0%.

The median rent in ZIP Code 62704 of $797 per month is 21% lower than the aggregate Illinois median monthly rent of $1,010, and is 25% lower than the $1,062 the median monthly rent in the U.S. overall. Approximately 66.8% of residents in ZIP Code 62704 pay between $500 and $999 per month for rent. That is 72% higher than in Illinois overall, in which 38.8% of total state residents pay between $500 and $999 per month for housing. Only 0.2% of renters in this Springfield, IL region pay $3,000 or more per month for rent.

ZIP Code 62704 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 62704

See the chart below for a comparison of monthly rental costs in ZIP Code 62704, Illinois, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 62704 along with those in the state of Illinois and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 62704

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 62704 Illinois U.S.
Less than $500 7.8% 10.4% 9.4%
$500 to $999 66.8% 38.8% 36.2%
$1,000 to $1,499 20.2% 30.1% 30.0%
$1,500 to $1,999 2.8% 12.8% 14.0%
$2,000 to $2,499 0.9% 4.7% 5.6%
$2,500 to $2,999 1.3% 1.8% 2.4%
$3,000 or more 0.2% 1.4% 2.4%

Rent Cost vs. Income in ZIP Code 62704

Renters in ZIP Code 62704 use an estimated 28.27% of their income to cover their monthly rent payments. That is about 4% lower than in Illinois overall. The estimate for Illinois overall is 29.36% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 62704 renters use about 5% less of their income to cover rent expense. Household income figures for ZIP Code 62704 come in lower than in Illinois as a whole. The median annual household income in ZIP Code 62704 of $54,560 sits approximately 17% lower than the overall Illinois median income of $65,886 and approximately 13% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 62704

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 62704, Illinois, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 62704 along with the same calculations in the state of Illinois and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 62704

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 62704 Illinois U.S.
Less than 15.0 percent 18.6% 14.1% 13.1%
15.0 to 19.9 percent 12.4% 13.6% 12.9%
20.0 to 24.9 percent 13.2% 13.1% 12.9%
25.0 to 29.9 percent 10.0% 11.2% 11.6%
30.0 to 34.9 percent 9.5% 8.6% 9.1%
35.0 percent or more 36.3% 39.4% 40.5%

Household Income in ZIP Code 62704

See the table below for the regional comparison of annual household income in ZIP Code 62704.

Income ZIP 62704 Illinois U.S.
Less than $10,000 5.3% 6.3% 6.0%
$10,000 to $14,999 4.6% 3.8% 4.3%
$15,000 to $24,999 9.9% 8.6% 8.9%
$25,000 to $34,999 11.0% 8.4% 8.9%
$35,000 to $49,999 15.4% 11.6% 12.3%
$50,000 to $74,999 17.3% 16.7% 17.2%
$75,000 to $99,999 13.1% 12.8% 12.7%
$100,000 to $149,999 12.5% 16.1% 15.1%
$150,000 to $199,999 5.2% 7.4% 6.8%
$200,000 or more 5.7% 8.3% 7.7%

Household Income in ZIP Code 62704

See the chart below for a comparison of annual household income figures in ZIP Code 62704, Illinois, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 62704 alongside the same figures for the state of Illinois and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 62704

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 62704.

ZIP 62704 Illinois U.S.
Median Housing Rent $797 $1,010 $1,062
Renter-Occupied Housing Units 41.3% 33.9% 36.0%
Rental Vacancy Rate 6.0% 6.2% 6.0%
Average Size of Renter-Occupied Unit 1.97 2.35 2.49
Average # of Bedrooms Per Unit 2.53 2.7 2.75
Percent of Income Spent on Rent 28.27% 29.36% 29.83%
Per Capita Income $37,301 $36,038 $34,103
Median Household Income $78,599 $92,395 $88,607
Living Below the Poverty Line 10.4% 8.9% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 62704

In ZIP Code 62704 (Springfield, IL), and estimated 41.3% of housing units are occupied by renters. This region has an approximate rental vacany rate of 6.0%.

The per capita income in 62704 is estimated at $37,301, which goes along with an estimated median household income of $78,599. About 10.4% of residents in this Sangamon County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 1.97 occupants, while the units have an aggregate average size of 2.53 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 28.27% of their income on housing rental costs.

Rental FAQs for ZIP Code 62704

1

What is the median monthly rent in ZIP Code 62704?

Median rent for housing in ZIP Code 62704 in Sangamon County in Illinois is approximately $797 per month.
2

Is it expensive to rent in ZIP Code 62704?

Rent in ZIP Code 62704 is lower than average in the state of Illinois overall. The median monthly rent of $797 in ZIP Code 62704 is approximately 21% lower than the Illinois median of $1,010. Additionally, median rent in this Springfield, IL region ($797) is about 25% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 62704?

High-priced rentals are less common in ZIP Code 62704 than in Illinois overall. The percentage of rentals in ZIP Code 62704 that cost $3,000 or more per month (0.2%) is about 86% lower than the Illinois rate of 1.4% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 92% higher than the aforementioned 62704 rate of 0.2%.
4

Are affordable rentals common in ZIP Code 62704?

Affordable rentals are more common in ZIP Code 62704 than in Illinois overall. The percentage of housing rentals in ZIP Code 62704 costing $999 or less per month (74.6%) is approximately 52% higher than the Illinois rate of 49.2% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 64% lower than the previously mentioned 62704 rate of 74.6%.
5

What is the most common cost range that rentals fall into in ZIP Code 62704?

The most common range for rental cost in ZIP Code 62704 is between $500 and $999 per month. About 66.8% of renters in 62704 pay in this range for monthly rent. In comparison, approximately 38.8% of renters in the state of Illinois fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 62704 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 62704 is lower than the rental vacancy rate in the state of Illinois overall. Rental vacancy of 6.0% in ZIP Code 62704 is about 3% lower than the Illinois rate of 6.2%. Looking more broadly, rental vacancy in this Springfield, IL region (6.0%) is an estimated 0% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 62704? How does it compare to other Illinois regions?

Median household income in ZIP Code 62704 is lower than in the state of Illinois overall. Annual household income of $54,560 in ZIP Code 62704 is about 17% lower than the Illinois median of $65,886. Additionally, median household income in this Springfield, IL region ($54,560) is approximately 13% lower than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 62704 spend on housing costs?

Renters in ZIP Code 62704 spend a lower amount of their income on rent costs than do renters in Illinois overall. Renters in ZIP Code 62704 spend an estimated 28.27% of their income on rent payments, which is about 4% lower than the overall Illinois estimated rate of 29.36%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 5% higher than the ZIP Code 62704 estimated rate of 28.27%.
9

Do renters in ZIP Code 62704 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 62704 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 62704 spending 30 percent or more of their income on rent costs (45.8%) is approximately 5% lower than the Illinois rate of 48% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 8% higher than the aforementioned 62704 rate of 45.8%.
10

What is the average household size of renter-occupied units in ZIP Code 62704?

The average household size of renter-occupied units in ZIP Code 62704 is lower than in the state of Illinois overall. Annual household size of 1.97 in ZIP Code 62704 is about 16% lower than the Illinois median of 2.35. Additionally, median household size in this Springfield, IL region (1.97) is approximately 21% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Illinois ZIP Codes