How much is a home worth in ZIP code 62040?

The typical home in 62040 is worth $120,038, based on the Zillow Home Value Index.

Are home values rising in 62040?

Home values in 62040 are up 0.6% over the past year, and up 4.8% a year over five years.

What is the typical rent in 62040?

A typical home in 62040 rents for about $1,058 a month, a gross rental yield of 10.6%.

What is the property tax rate in 62040?

The effective property tax rate in 62040 is 1.9% — roughly $2,233 a year on a typical home.

ZIP code 62040 has a population of 40,404 and a median household income of $60,031.

HousingHandbookReference data

…

U.S. ZIP Code · IL62040

Madison County · St. Louis, MO-IL

Typical home value

$120,038^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.6%
5-year / yr: +4.8%
10-year / yr: +5.2%

Relative price

vs U.S.: -57.7%
vs metro: -52.1%
vs state: -37.2%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 62040 is worth $120,038 — 52.1% below the St. Louis, MO-IL median. Over the past year, values have risen 0.6%. Homes here rent for a typical $1,058 a month — a 10.6% gross rental yield. The effective property tax rate is 1.9%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,058^[2]
Gross yield: 10.6%^[2]
Cap rate: 6.3%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.9%^[3]
Typical annual tax: $2,233^[3]

#Climate risk

FEMA National Risk Index ratings for Madison County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: Relatively Low
Heat wave: Relatively High
Hurricane: Very Low
Tornado: Relatively High
Earthquake: Relatively Moderate
Winter weather: Relatively High

#Who lives here

Population: 40,404^[3]
Median household income: $60,031^[3]

#Migration

Household moves in and out of Madison County over a year, from IRS tax-return data.

Net migration: +152^[5]
Moved in: 5,518
Moved out: 5,366

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 10
Elementary: 6
Middle: 2
High: 2

Granite City High School
High · Grades 9–12 · Granite City CUSD 9
1,785 students
Coolidge Junior High Sch
Middle · Grades 7–8 · Granite City CUSD 9
858 students
Grigsby Intermediate School
Middle · Grades 5–6 · Granite City CUSD 9
808 students
Prather Elementary School
Elementary · Grades PK–K · Granite City CUSD 9
657 students
Wilson Elem School
Elementary · Grades 1–2 · Granite City CUSD 9
458 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield10.6%

Net yield (after ~40% expenses)6.3%

Annual rent$12,700

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$607

Loan principal$96,031

Down payment$24,008

Total interest paid$122,482

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio0.84

Monthly cost to own$893

Monthly rent$1,058

Owning is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 48th percentile^[1]
Rental yield: 84th percentile^[2]
Property tax: 94th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 62040?: The typical home in 62040 is worth $120,038, based on the Zillow Home Value Index.
Are home values rising in 62040?: Home values in 62040 are up 0.6% over the past year, and up 4.8% a year over five years.
What is the typical rent in 62040?: A typical home in 62040 rents for about $1,058 a month, a gross rental yield of 10.6%.
What is the property tax rate in 62040?: The effective property tax rate in 62040 is 1.9% — roughly $2,233 a year on a typical home.
Who lives in 62040?: ZIP code 62040 has a population of 40,404 and a median household income of $60,031.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

62002 vs 62040 →
Alton, IL
Typical home
$120,023
Gross yield
10.7%
62690 vs 62040 →
Virden, IL
Typical home
$121,140
Gross yield
—
63106
St. Louis, MO
Typical home
$118,062
Gross yield
—
63111
St. Louis, MO
Typical home
$122,558
Gross yield
9.1%
62239
Dupo, IL
Typical home
$123,924
Gross yield
—
62257
Marissa, IL
Typical home
$113,571
Gross yield
—

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#Jump to section

U.S. ZIP Code · IL62040

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