62704, Springfield, IL

The Springfield, Illinois zip code 62704 has a population of around 114,000 people. The median household income in this zip code is $62,500 which is about average for the state of Illinois. However, the median home value in this zip code is $225,000 which is significantly higher than the statewide median home value of $146,600. This indicates that there are a lot of homes in this zip code that are worth a lot more than the average household income.

One reason why homes in this zip code are so valuable is because there are a lot of affluent residents living here. The percentage of households earning over $200,000 annually is above the statewide average of 18%. Additionally, the percentage of households earning over $300,000 annually is also above the statewide average of 12%. This indicates that there are a lot of wealthy people who want to live in Springfield and buy homes here.

Another reason why homes in this zip code are so valuable is because there are very few vacant homes available for sale. As a result, buyers have to compete with each other for limited inventory and they tend to pay higher prices for properties that do become available for sale. In fact, according to Zillow’s recent report on ZIP codes with high home values (ZIP Code: 62704), sellers received an asking price on 95% or more of all listings within this ZIP code during Q2 2018! This shows just how competitive buyers can be when trying to purchase a home in Springfield.