How much is a home worth in ZIP code 62702?

The typical home in 62702 is worth $109,724, based on the Zillow Home Value Index.

Are home values rising in 62702?

Home values in 62702 are up 6.8% over the past year, and up 6.7% a year over five years.

What is the typical rent in 62702?

A typical home in 62702 rents for about $1,088 a month, a gross rental yield of 11.9%.

What is the property tax rate in 62702?

The effective property tax rate in 62702 is 1.9% — roughly $2,081 a year on a typical home.

ZIP code 62702 has a population of 31,033 and a median household income of $51,136.

HousingHandbookReference data

…

U.S. ZIP Code · IL62702

Sangamon County · Springfield, IL

Typical home value

$109,724^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +6.8%
5-year / yr: +6.7%
10-year / yr: +3.9%

Relative price

vs U.S.: -61.4%
vs metro: -49.8%
vs state: -42.6%

Price history

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

The typical home in 62702 is worth $109,724 — 49.8% below the Springfield, IL median. Over the past year, values have risen 6.8%. Homes here rent for a typical $1,088 a month — a 11.9% 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: $1,088^[2]
Gross yield: 11.9%^[2]
Cap rate: 7.1%^[2]

#Property tax

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

Effective tax rate: 1.9%^[3]
Typical annual tax: $2,081^[3]

#Climate risk

FEMA National Risk Index ratings for Sangamon 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 High
Heat wave: Relatively Moderate
Hurricane: Very Low
Tornado: Relatively High
Earthquake: Relatively Moderate
Winter weather: Relatively High

#Who lives here

Population: 31,033^[3]
Median household income: $51,136^[3]

#Migration

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

Net migration: -355^[5]
Moved in: 3,586
Moved out: 3,941

Schools

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

Public schools: 8
Elementary: 6
Middle: 0
High: 2

Lanphier High School
High · Grades 9–12 · Springfield SD 186
1,084 students
Ridgely Elem School
Elementary · Grades PK–5 · Springfield SD 186
297 students
Fairview Elem School
Elementary · Grades K–5 · Springfield SD 186
294 students
Jane Addams Elem School
Elementary · Grades K–5 · Springfield SD 186
262 students
Wilcox Elem School
Elementary · Grades K–5 · Springfield SD 186
256 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 yield11.9%

Net yield (after ~40% expenses)7.1%

Annual rent$13,053

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$555

Loan principal$87,779

Down payment$21,945

Total interest paid$111,957

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 ratio0.75

Monthly cost to own$820

Monthly rent$1,088

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: 58th percentile^[1]
Rental yield: 67th percentile^[2]
Property tax: 77th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 62702?: The typical home in 62702 is worth $109,724, based on the Zillow Home Value Index.
Are home values rising in 62702?: Home values in 62702 are up 6.8% over the past year, and up 6.7% a year over five years.
What is the typical rent in 62702?: A typical home in 62702 rents for about $1,088 a month, a gross rental yield of 11.9%.
What is the property tax rate in 62702?: The effective property tax rate in 62702 is 1.9% — roughly $2,081 a year on a typical home.
Who lives in 62702?: ZIP code 62702 has a population of 31,033 and a median household income of $51,136.

#Comparable ZIPs

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

62703 vs 62702 →
Springfield, IL
Typical home
$95,148
Gross yield
15.3%
62539 vs 62702 →
Illiopolis, IL
Typical home
$137,203
Gross yield
—
62673
Oakford, IL
Typical home
$151,396
Gross yield
—
62688
Tallula, IL
Typical home
$152,859
Gross yield
—
62642
Greenview, IL
Typical home
$154,032
Gross yield
—
62530
Divernon, IL
Typical home
$155,287
Gross yield
—

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Pit ZIP 62702 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IL62702

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