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Cost of Living in Springfield

Is it better to rent or buy in Springfield? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$82,669
$1,087/mo

Median in area: $1,087

$182,536

Median in area: $182,536

$36,507

If you Rent

🔑
$1,296 /mo
Base Rent$1,087
Est. Utilities$209
% of Income18.8%
Pre-tax Residual$5,593

If you Buy

🏠
$1,523 /mo
P&I (6.5%)$923
Taxes & Ins$391
Est. Utilities$209
% of Income22.1%
Pre-tax Residual$5,366

Cost of Living FAQs

Is it cheaper to rent or buy in Springfield?›

Based on median housing data, renting is currently more affordable on a monthly basis in Springfield. The estimated all-in monthly cost for renting is $1,296, while owning a median-priced home with a 20% down payment is roughly $1,523 per month (a difference of $227).

How much do utilities cost in Springfield?›

The average monthly utility cost (electricity and natural gas) for a typical home in Springfield is approximately $209. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Springfield?›

To comfortably afford the median rent and utilities in Springfield without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $51,840 per year.