FY2027 Small Area FMR · Springfield, IL

ZIP 62703 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 62703 (Springfield, IL) is $1,260 a month, up 5.0% from FY2026. That is 2% above the Springfield, IL area-wide FMR of $1,237.

2-bedroom SAFMR$1,260per month ▲ 5.0%

Area-wide 2 BR FMR$1,237Springfield, IL

Rank in the area10thof 48 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,134

2 BR Small Area FMR$1,260

110% of SAFMR$1,386

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$880▲ 6.0%

1 BR$1,000▲ 3.1%

2 BR$1,260▲ 5.0%

3 BR$1,660▲ 3.1%

4 BR$1,760▲ 4.8%

FY2027 FY2026

Where 62703 sits in the Springfield, IL area

Of the 48 ZIP codes HUD lists for the area, 62703 has the 10th highest two-bedroom Small Area FMR. Springfield, IL is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,237 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,260 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$880	$792 – $968	$861	$830
1 bedroom	$1,000	$900 – $1,100	$977	$970
2 bedrooms	$1,260	$1,134 – $1,386	$1,237	$1,200
3 bedrooms	$1,660	$1,494 – $1,826	$1,631	$1,610
4 bedrooms	$1,760	$1,584 – $1,936	$1,728	$1,680

A household renting a two-bedroom home at the Small Area FMR of $1,260 needs about $50,400 a year to keep housing costs at 30% of income. The area median family income is $114,900 and the 80% low-income limit for four people is $91,900. ZIP code 62703 lies mainly in Sangamon County. See the Springfield, IL metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
62712	Springfield	2.7 mi	$1,430
62706	Springfield	2.8 mi	$1,240
62701	Springfield	2.8 mi	$1,300
62704	Springfield	3.0 mi	$1,250
62702	Springfield	4.3 mi	$1,200
62711	Springfield	5.3 mi	$1,550

Questions

What is the Fair Market Rent for ZIP code 62703?

HUD's FY2027 Small Area Fair Market Rents for 62703 are $880 (studio), $1,000 (1 BR), $1,260 (2 BR), $1,660 (3 BR) and $1,760 (4 BR) a month.

What is the Section 8 payment standard in 62703?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 62703 that range is $1,134 to $1,386 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 62703?

The FY2026 income limits of the Springfield, IL area apply: median family income $114,900, low-income (80%) limit $91,900 for a family of four.