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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 $295,081, lower than the Massachusetts average of $625,090.
The average cost of rent is $1,261/mo in Springfield, primarily driven by the current value of real estate in the Springfield area. In Springfield, 37.78% of households rent, and 37.13% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Springfield is $6,639 per month. Households that rent pay about 18.99% of their income on rent here. Springfield’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Indian Orchard, MA: less expensive homes
- East Longmeadow, MA: higher priced homes
- Longmeadow, MA: higher priced homes
- West Springfield Town, MA: equally priced homes
- Chicopee, MA: equally priced homes
- Agawam Town, MA: equally priced homes
- Wilbraham, MA: higher priced homes
- Ludlow, MA: higher priced homes
- Hampden, MA: higher priced homes
- Ludlow Center, MA: higher priced homes
Cities with Similar Populations
- Morgantown, WV: equally priced homes
- Merced, CA: higher priced homes
- Mililani, HI: higher priced homes
- Menifee, CA: higher priced homes
- Mesa, AZ: higher priced homes
- McKinney, TX: higher priced homes
- Memphis, TN: less expensive homes
- Mesquite, TX: less expensive homes
- Montgomery, AL: less expensive homes
- Modesto, CA: higher priced homes
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