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These days, finding an affordable place to live in the Springfield area can be challenging. Home prices in Springfield are now at a median cost of $167,730, lower than the Illinois average of $300,242.
The average cost of rent is $1,087/mo in Springfield, primarily driven by the current value of real estate in the Springfield area. In Springfield, 34.62% of households rent, and 45.07% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Springfield is $6,404 per month. Households that rent pay about 16.97% of their income on rent here. Springfield’s most expensive areas are in the southwestern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Leland Grove, IL: higher priced homes
- Jerome, IL: less expensive homes
- Southern View, IL: less expensive homes
- Archer, IL: equally priced homes
- Bradfordton, IL: higher priced homes
- Clear Lake, IL: equally priced homes
- Devereux Heights, IL: less expensive homes
- Bissell, IL: less expensive homes
- Curran, IL: higher priced homes
- Green Acres, IL: higher priced homes
Cities with Similar Populations
- Mount Pleasant, SC: higher priced homes
- Mount Vernon, NY: higher priced homes
- Muskegon, MI: equally priced homes
- Mountain View, CA: higher priced homes
- Lithonia, GA: higher priced homes
- Las Vegas, NV: higher priced homes
- Leander, TX: higher priced homes
- Lees Summit, MO: higher priced homes
- Littleton, CO: higher priced homes
- Las Cruces, NM: higher priced homes
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