ZIP Code 62703 — Springfield, IL Home Prices (2026)
The typical home in ZIP 62703 (Springfield, Illinois) is worth about $98,000 at roughly $79 per square foot — 59% more affordable than the Springfield median and 67% more affordable than the typical U.S. home.
How 62703 compares
ZIP 62703 is one of the more affordable ZIP codes in Springfield: its typical home value of $98,000 ranks #5 of the 5 Springfield ZIP codes we track (the citywide range runs from $98,000 in 62703 to $372,000 in 62711). Per square foot it costs about $79, against $110 for Springfield as a whole, $135 for Illinois, and $195 nationally.
| Area | Typical value | $ / sq ft |
|---|---|---|
| ZIP 62703 | $98,000 | $79 |
| Springfield, IL | $239,000 | $110 |
| Illinois | $200,000 | $135 |
| United States | $294,000 | $195 |
Home value by size in 62703
Using this ZIP’s rate of about $79 per square foot. Condition, lot, and the exact street move these meaningfully — use the estimator below for a home-specific figure.
| Home size | Estimated value |
|---|---|
| 1,000 sq ft | $79,000 |
| 1,500 sq ft | $118,500 |
| 2,000 sq ft | $158,000 |
| 2,500 sq ft | $197,500 |
| 3,000 sq ft | $237,000 |
Salary needed to buy a home in ZIP 62703
To buy the typical $98,000 home in ZIP 62703 with 20% down, you need a household income of roughly $27,000 a year (about $620 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $32,000, because the loan is bigger and mortgage insurance kicks in.
| Down payment | Cash down | Monthly payment | Income needed |
|---|---|---|---|
| 5% (+PMI) | $4,900 | $770/mo | $33,000/yr |
| 10% (+PMI) | $9,800 | $740/mo | $32,000/yr |
| 20% | $19,600 | $620/mo | $27,000/yr |
Assumes a 30-year fixed mortgage at 6.5%, property tax at 1.1% and insurance at 0.45% of value per year, PMI of 0.75% on loans with less than 20% down, and the standard 28% housing-to-income rule. Your rate, taxes, and HOA will move these — run your own numbers in the mortgage calculator.
What your budget buys in ZIP 62703
At about $79 per square foot, here is roughly how much home different budgets get you in ZIP 62703:
| Budget | Approx. size | What that looks like locally |
|---|---|---|
| $150k | 1900 sq ft | above the median — larger homes or the pricier ZIPs |
| $200k | 2530 sq ft | above the median — larger homes or the pricier ZIPs |
| $250k | 3160 sq ft | above the median — larger homes or the pricier ZIPs |
| $300k | 3800 sq ft | above the median — larger homes or the pricier ZIPs |
Wondering where that budget goes further? The relocation calculator ranks hundreds of U.S. cities by what the same money buys — it opens pre-filled with a typical 62703 home.
Estimate a specific home in 62703
The estimator below is pre-set to ZIP 62703 — pick your home’s size for an instant ballpark, then open the full calculator to adjust beds, baths, and condition.
All Springfield ZIP codes by home value
Where 62703 sits among Springfield’s 5 ZIP codes:
| # | ZIP code | Typical value | $ / sq ft |
|---|---|---|---|
| 1 | 62711 | $372,000 | $163 |
| 2 | 62712 | $343,000 | $139 |
| 3 | 62707 | $239,000 | $110 |
| 4 | 62702 | $114,000 | $83 |
| 5 | 62703 (this page) | $98,000 | $79 |
ZIP 62703 home prices: frequently asked
What is the average home price in ZIP code 62703? +
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See the full Springfield home values page, all Illinois cities, or price per square foot by ZIP code nationwide.
Directional estimates from public market data (Realtor.com & Zillow research), not appraisals. A single ZIP contains very different homes; actual values vary and change over time.