Springfield
Massachusetts · Ranked #297 of 373 metros
52Moderate
💡
Housing in Springfield costs 2.45× the median income, below the national average of 4.5×. The median home price is $177K and median rent is $952/month. Springfield ranks #297 of 373 metros for affordability.
Median Home Price
🏠$177K
Need $83K income
Median Rent
🔑$952
Need $50K income
Housing Shortage
📉12,000
units needed
Building Permits
🔨443
annual
Median Income
💰$72K
Pop: 700,572
Rent Burden
⚠️35.5%
of renters paying >30%
Price Change (YoY)
📈+6.5%
Homeownership
🏡71.0%
Rent Burden
vs. National Average
Key Facts vs. National Average
| Metric | Springfield | National |
|---|---|---|
| Price-to-Income Ratio | 2.45x | 6.1x |
| Rent Burden | 35.5% | 31.5% |
| Homeownership Rate | 71.0% | 65.5% |
| YoY Price Change | +6.5% | +3.5% |
| YoY Rent Change | +5% | +2.8% |
| Mortgage Denial Rate | 15.0% | 13.5% |
| Eviction Rate | 4.0% | 3.6% |
House Price Index (2000–2025)
FHFA All-Transactions HPI
Since 2019: +64.9%Since 2000: +190.3%
HUD Fair Market Rents (FY2026)
Section 8 voucher payment standards
Studio$1,219/mo
1 Bedroom$1,382/mo
2 Bedroom$1,734/mo
3 Bedroom$2,127/mo
4 Bedroom$2,296/mo
Zillow Market Data
Home Value (ZHVI)
$358K
1yr: +1.8%5yr: +35.9%
Rent (ZORI)
$1,896/mo
1yr: +5.6%5yr: +42.8%
Note: ZORI reflects current listing prices and may differ from the Census ACS median rent shown above, which captures what renters actually pay including below-market and subsidized units.
Redfin Market Activity
Median Sale Price
$165K
Active Inventory
24
Days on Market
71
Sold Above List
0.0%
Price Drops
8.3%