Real Estate Investing in Springfield, Illinois (62702)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 62702 (Springfield, IL)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A balanced market — moderate cash flow and moderate appreciation. A "steady" investor profile fits best.
- High vacancy: 13.8% of homes vacant — above national norms.
What’s happening in Springfield, IL (62702)?
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Market Analysis: 62702 Springfield
The 62702 ZIP in Springfield, IL is a local-operator market. Outside capital chasing a $114K entry has to pair deep knowledge with the discount.
The 62702 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
From an investor standpoint, 62702 offers a low basis, the region around Springfield has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Who lives in 62702 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Experienced landlords with local relationships tend to find 62702 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Springfield:
Property Strategy for 62702
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $88,114 | $1,180 | 9.6% | +8.3% | $44,057 |
| 3BR | $132,461 | $1,580 | 8.6% | +6.8% | $44,154 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 62702 Compare?
| Metric | 62702 | Springfield | Springfield, IL | Illinois |
|---|---|---|---|---|
| Home Value | $114,242 | $61,376 | N/A | $279,761 |
| 5-Year CAGR | 7.2% | 6.3% | N/A | 6.6% |
| Avg Rent | $1,129 | $1,288 | N/A | - |
| Cap Rate | 7.7% | 5.4% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 62702 (Springfield, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $114,242 |
| Monthly Rent | $1,129 |
| Price-to-Rent | 8.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 11.9% |
| Cap Rate | 7.7% |
| 5-Year IRR | 14.9% |
📈 Home Appreciation
| 1-Year | +11.3% ▲ |
| 3-Year CAGR | +8.2% ▲ |
| 5-Year CAGR | +7.2% ▲ |
| 10-Year CAGR | +4.4% ▲ |
🏠 Rent Trends
| 1-Year | -1.1% ▼ |
| 3-Year CAGR | +5.1% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) is close to the estimated cap rate (7.7%). Financing this market at current rates produces a cash-on-cash return near the cap rate. Appreciation and tax benefits may still support the investment.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 62702
Population: 31,251
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 62702
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,796 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How much is rent in Springfield, IL?
Average rent in Springfield, IL is approximately $1,129/mo per month. Against $114K home values that yields a reasonable rent-to-price ratio.
Does Springfield, IL favor landlords or tenants?
For rental operators, Springfield, IL rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
What is the investability score for Springfield, IL?
With a 4.0/5 investability score, Springfield, IL ranks as a solid market for rental property investors. Median prices of $114K and rents of $1,129/mo drive the underlying numbers.
Can I live-in-and-rent in Springfield, IL?
Springfield, IL is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $114K price point reasonable to enter.
Is vacancy a concern in Springfield, IL?
Occupancy in Springfield, IL runs reliable with elevated vacancy. Well-priced units at $1,129/mo lease on reasonable timelines.
You know 62702 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 62702 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 62702 ranks in Springfield, IL
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