The typical owner-occupied home in Springfield is worth about $70,500, 73% below the South Carolina median of $259,000 and 79% below the national median of $332,700. Owners pay a median $736 a year in property taxes, about 1.04% of their home's value, higher than the South Carolina rate of 0.48%. The median household earns $47,763 a year, so the median home costs 1.5 times the median income (3.7 times for South Carolina). 82% of occupied homes here are lived in by their owners, and 23% of those owners still have a mortgage.
Springfield at a glance
| Springfield | South Carolina | U.S. | |
|---|---|---|---|
| Median home value | $70,500 | $259,000 | $332,700 |
| Median property tax paid per year | $736 | $1,251 | $3,119 |
| Property tax as a share of value | 1.04% | 0.48% | 0.94% |
| Median household income | $47,763 | $69,324 | $80,734 |
| Homes lived in by their owners | 82% | 72% | 65% |
| Owner homes with a mortgage | 23% | 57% | 61% |
| Median monthly costs, owners with a mortgage | $1,125 | $1,529 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 19.7% | 21.0% |
| Median rent | $805 | $1,180 | $1,413 |
| Rent as a share of renters' income | 42.8% | 31.1% | 30.6% |
| Median year homes were built | 1971 | 1992 | 1980 |
| Vacant homes | 25.1% | 13.3% | 10.1% |
| Population | 468 | 5,296,225 | 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 $70,500 with 20% down costs about $470 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $587, 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 $20,138 for the 20%-down payment. That payment is 12% of the median Springfield household income of $47,763; at that income and 20% down, the 28% guideline points to a home of about $167,000.
The median rent here is $805 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $14,100 |
|---|---|
| Loan amount | $56,400 |
| Principal and interest | $379 |
| Property taxes (1.04% a year) | $61 |
| Homeowners insurance (our estimate, 0.5% a year) | $29 |
| PMI | $0 |
| Total per month | $470 |
Change the numbers in the calculator
| Down payment | $2,468 |
|---|---|
| Loan amount | $69,223 |
| Principal and interest | $466 |
| Property taxes (1.04% a year) | $61 |
| Homeowners insurance (our estimate, 0.5% a year) | $29 |
| FHA mortgage insurance | $31 |
| Total per month | $587 |
Change the numbers in the calculator
Questions about home buying in Springfield
What is the median home value in Springfield?
About $70,500 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 $736 a year, which is about 1.04% 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 $470 a month. Keeping that under 28% of gross income takes about $20,138 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