The typical owner-occupied home in Springfield is worth about $358,700, 25% below the Oregon median of $477,600 and 8% above the national median of $332,700. Owners pay a median $3,225 a year in property taxes, about 0.90% of their home's value, higher than the Oregon rate of 0.81%. The median household earns $68,761 a year, so the median home costs 5.2 times the median income (5.8 times for Oregon). 55% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Springfield at a glance
| Springfield | Oregon | U.S. | |
|---|---|---|---|
| Median home value | $358,700 | $477,600 | $332,700 |
| Median property tax paid per year | $3,225 | $3,876 | $3,119 |
| Property tax as a share of value | 0.90% | 0.81% | 0.94% |
| Median household income | $68,761 | $83,011 | $80,734 |
| Homes lived in by their owners | 55% | 63% | 65% |
| Owner homes with a mortgage | 67% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $1,720 | $2,157 | $1,963 |
| Those costs as a share of the owners' income | 23.1% | 22.4% | 21.0% |
| Median rent | $1,258 | $1,525 | $1,413 |
| Rent as a share of renters' income | 30.1% | 31.3% | 30.6% |
| Median year homes were built | 1976 | 1981 | 1980 |
| Vacant homes | 2.7% | 7.5% | 10.1% |
| Population | 61,499 | 4,254,293 | 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 $358,700 with 20% down costs about $2,349 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,946, 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 $100,666 for the 20%-down payment. That payment is 41% of the median Springfield household income of $68,761; at that income and 20% down, the 28% guideline points to a home of about $245,000.
The median rent here is $1,258 a month, so owning the median home costs about $1,091 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $71,740 |
|---|---|
| Loan amount | $286,960 |
| Principal and interest | $1,930 |
| Property taxes (0.90% a year) | $269 |
| Homeowners insurance (our estimate, 0.5% a year) | $149 |
| PMI | $0 |
| Total per month | $2,349 |
Change the numbers in the calculator
| Down payment | $12,554 |
|---|---|
| Loan amount | $352,203 |
| Principal and interest | $2,369 |
| Property taxes (0.90% a year) | $269 |
| Homeowners insurance (our estimate, 0.5% a year) | $149 |
| FHA mortgage insurance | $159 |
| Total per month | $2,946 |
Change the numbers in the calculator
Questions about home buying in Springfield
What is the median home value in Springfield?
About $358,700 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 $3,225 a year, which is about 0.90% 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 $2,349 a month. Keeping that under 28% of gross income takes about $100,666 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