62702, Springfield, IL

The Springfield, Illinois 62702 zip code has a population of around 217,000 people. The median home value in this zip code is $137,500. This means that the average home value in this zip code is about 2.5 times the median household income.

There are a number of factors that can affect home values in any given area. In Springfield, there are a number of factors that can affect home values including: population growth, proximity to major cities and universities, and availability of housing stock.

Population growth is one of the most important factors that can affect home values in Springfield. As the population grows, so does demand for housing and consequently, demand for homes and property prices. Over time, as more people move into Springfield and buy homes here, the demand for homes will continue to increase which will drive up prices.

Proximity to major cities and universities also plays a role in determining home values in Springfield. As more people move into Springfield and as those cities become more developed (with higher levels of education and job opportunities), they will also attract higher levels of income which will lead to increased demand for housing stock and subsequently increased prices. Additionally, as more people move into Springfield looking for quality housing options (rather than low-cost rentals), the availability of quality housing stock will also increase which will drive up prices even further.