Springfield, MA
Hampden County · Pop. 155,929
Ranked #138 of 243 cities
38Crisis
Median Home Price
🏠$240K
5.0% YoY
Median Rent
🔑$1,200
4.0% YoY
Median Income
💰$38K
Rent Burden
📊38.0%
% of income to rent
Income to Buy
🏦$69K
annual income needed
Income to Rent
📝$48K
annual income needed
Price-to-Income
⚖️6.3x
Homeownership
🏡38.0%
Rent vs. Buy
Buy
$1,277/mo
Est. mortgage (7%, 20% down)
Need $69K/yr income
Rent
$1,200/mo
Median rent
Need $48K/yr income
How Springfield Compares
| Metric | Springfield | Massachusetts | National |
|---|---|---|---|
| Home Price | $240K | $571K | $410K |
| Rent | $1,200 | $1,757 | $1,500 |
| Income | $38K | $100K | $75K |
| Rent Burden | 38.0% | 36.5% | 30.0% |
Key Takeaways
- • Home prices in Springfield are 41% lower than the national average.
- • Rent is 20% lower than the national average.
- • You need an income of $69K to comfortably buy a home here.
- • The homeownership rate is 38.0%, compared to 65.0% nationally.