The typical owner-occupied home in Springfield is worth about $245,000, 56% below the Massachusetts median of $562,100 and 26% below the national median of $332,700. Owners pay a median $3,695 a year in property taxes, about 1.51% of their home's value, higher than the Massachusetts rate of 1.07%. The median household earns $52,656 a year, so the median home costs 4.7 times the median income (5.4 times for Massachusetts). 50% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Springfield at a glance
| Springfield | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $245,000 | $562,100 | $332,700 |
| Median property tax paid per year | $3,695 | $5,992 | $3,119 |
| Property tax as a share of value | 1.51% | 1.07% | 0.94% |
| Median household income | $52,656 | $103,960 | $80,734 |
| Homes lived in by their owners | 50% | 63% | 65% |
| Owner homes with a mortgage | 69% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $1,804 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 25.8% | 21.9% | 21.0% |
| Median rent | $1,144 | $1,762 | $1,413 |
| Rent as a share of renters' income | 35.3% | 30.9% | 30.6% |
| Median year homes were built | 1952 | 1964 | 1980 |
| Vacant homes | 7.1% | 8.1% | 10.1% |
| Population | 154,749 | 7,044,056 | 334,922,499 |
What a typical home costs per month in Springfield
At this week's average 30-year rate of 7.11%, buying the median Springfield home of $245,000 with 20% down costs about $1,729 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,137, 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 $74,095 for the 20%-down payment. That payment is 39% of the median Springfield household income of $52,656; at that income and 20% down, the 28% guideline points to a home of about $174,000.
The median rent here is $1,144 a month, so owning the median home costs about $585 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $49,000 |
|---|---|
| Loan amount | $196,000 |
| Principal and interest | $1,318 |
| Property taxes (1.51% a year) | $308 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| PMI | $0 |
| Total per month | $1,729 |
Change the numbers in the calculator
| Down payment | $8,575 |
|---|---|
| Loan amount | $240,562 |
| Principal and interest | $1,618 |
| Property taxes (1.51% a year) | $308 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| FHA mortgage insurance | $108 |
| Total per month | $2,137 |
Change the numbers in the calculator
Questions about home buying in Springfield
What is the median home value in Springfield?
About $245,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Springfield?
Homeowners pay a median $3,695 a year, which is about 1.51% 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 Springfield?
For the median home with 20% down at 7.11%, the payment is about $1,729 a month. Keeping that under 28% of gross income takes about $74,095 a year.
More about Springfield
- Mortgage Refinance in Springfield
- Debt Relief in Springfield
- Home Equity Loans in Springfield
- 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