The typical owner-occupied home in Spring Hill is worth about $288,500, 20% below the Florida median of $359,000 and 13% below the national median of $332,700. Owners pay a median $1,922 a year in property taxes, about 0.67% of their home's value, lower than the Florida rate of 0.76%. The median household earns $68,432 a year, so the median home costs 4.2 times the median income (4.8 times for Florida). 80% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Spring Hill at a glance
| Spring Hill | Florida | U.S. | |
|---|---|---|---|
| Median home value | $288,500 | $359,000 | $332,700 |
| Median property tax paid per year | $1,922 | $2,730 | $3,119 |
| Property tax as a share of value | 0.67% | 0.76% | 0.94% |
| Median household income | $68,432 | $74,568 | $80,734 |
| Homes lived in by their owners | 80% | 68% | 65% |
| Owner homes with a mortgage | 63% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,506 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 22.9% | 23.6% | 21.0% |
| Median rent | $1,440 | $1,669 | $1,413 |
| Rent as a share of renters' income | 32.6% | 35.2% | 30.6% |
| Median year homes were built | 1993 | 1988 | 1980 |
| Vacant homes | 7.0% | 14.7% | 10.1% |
| Population | 119,983 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Spring Hill
At this week's average 30-year rate of 7.11%, buying the median Spring Hill home of $288,500 with 20% down costs about $1,834 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,314, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $78,596 for the 20%-down payment. That payment is 32% of the median Spring Hill household income of $68,432; at that income and 20% down, the 28% guideline points to a home of about $251,000.
The median rent here is $1,440 a month, so owning the median home costs about $394 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $57,700 |
|---|---|
| Loan amount | $230,800 |
| Principal and interest | $1,553 |
| Property taxes (0.67% a year) | $161 |
| Homeowners insurance (our estimate, 0.5% a year) | $120 |
| PMI | $0 |
| Total per month | $1,834 |
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| Down payment | $10,098 |
|---|---|
| Loan amount | $283,275 |
| Principal and interest | $1,906 |
| Property taxes (0.67% a year) | $161 |
| Homeowners insurance (our estimate, 0.5% a year) | $120 |
| FHA mortgage insurance | $128 |
| Total per month | $2,314 |
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Questions about home buying in Spring Hill
What is the median home value in Spring Hill?
About $288,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spring Hill?
Homeowners pay a median $1,922 a year, which is about 0.67% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Spring Hill?
For the median home with 20% down at 7.11%, the payment is about $1,834 a month. Keeping that under 28% of gross income takes about $78,596 a year.
More about Spring Hill
- Mortgage Refinance in Spring Hill
- Debt Relief in Spring Hill
- Home Equity Loans in Spring Hill
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data