The typical owner-occupied home in Springfield is worth about $147,200, 54% below the Vermont median of $316,600 and 56% below the national median of $332,700. Owners pay a median $4,182 a year in property taxes, about 2.84% of their home's value, higher than the Vermont rate of 1.59%. The median household earns $46,760 a year, so the median home costs 3.1 times the median income (3.9 times for Vermont). 49% of occupied homes here are lived in by their owners, and 61% of those owners still have a mortgage.
Springfield at a glance
| Springfield | Vermont | U.S. | |
|---|---|---|---|
| Median home value | $147,200 | $316,600 | $332,700 |
| Median property tax paid per year | $4,182 | $5,039 | $3,119 |
| Property tax as a share of value | 2.84% | 1.59% | 0.94% |
| Median household income | $46,760 | $81,203 | $80,734 |
| Homes lived in by their owners | 49% | 73% | 65% |
| Owner homes with a mortgage | 61% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $1,412 | $1,907 | $1,963 |
| Those costs as a share of the owners' income | 19.1% | 21.7% | 21.0% |
| Median rent | $818 | $1,234 | $1,413 |
| Rent as a share of renters' income | 29.8% | 29.4% | 30.6% |
| Median year homes were built | 1952 | 1976 | 1980 |
| Vacant homes | 14.9% | 19.4% | 10.1% |
| Population | 4,237 | 647,106 | 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 $147,200 with 20% down costs about $1,202 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,447, 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 $51,510 for the 20%-down payment. That payment is 31% of the median Springfield household income of $46,760; at that income and 20% down, the 28% guideline points to a home of about $134,000.
The median rent here is $818 a month, so owning the median home costs about $384 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $29,440 |
|---|---|
| Loan amount | $117,760 |
| Principal and interest | $792 |
| Property taxes (2.84% a year) | $348 |
| Homeowners insurance (our estimate, 0.5% a year) | $61 |
| PMI | $0 |
| Total per month | $1,202 |
Change the numbers in the calculator
| Down payment | $5,152 |
|---|---|
| Loan amount | $144,534 |
| Principal and interest | $972 |
| Property taxes (2.84% a year) | $348 |
| Homeowners insurance (our estimate, 0.5% a year) | $61 |
| FHA mortgage insurance | $65 |
| Total per month | $1,447 |
Change the numbers in the calculator
Questions about home buying in Springfield
What is the median home value in Springfield?
About $147,200 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 $4,182 a year, which is about 2.84% 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 $1,202 a month. Keeping that under 28% of gross income takes about $51,510 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