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Springfield city, IL

ZIP 62703 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 62703

Median Home Value
$93,100
Median Rent
$723
Affordability Snapshot
$26,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$598/mo PITI).

19%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.1x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

10.7 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 62703 in Springfield city, IL, a household would need roughly $26,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $598. That sits below the local median household income ($44,580), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 14% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
55.9%-15% vs US avg
x
Vacancy Rate
13.6%+32% vs US avg
x
Broadband Access
83.0%-5% vs US avg
x
4+ Bedrooms
0.7%-95% vs US avg
x
Built Pre-1939
12.6%-1% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
29.6%-40% vs US avg
x
Mortgage-Free
48.9%+28% vs US avg
x
$93,100
Home Value
$723
Rent
1958
Year Built
2014
Moved In

Residents have lived here since ~2014 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached73.4%
  • 1-unit attached3.1%
  • 2-9 units11.0%
  • 10+ units9.1%
  • Mobile home & other3.4%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$93,100
Median rent$723
Owner-occupied55.9%
Vacant13.6%
Price-to-income2.1x
Est. income to buy$26,000