The typical owner-occupied home in Springfield is worth about $640,300, 67% above the Virginia median of $383,700 and 92% above the national median of $332,700. Owners pay a median $6,447 a year in property taxes, about 1.01% of their home's value, higher than the Virginia rate of 0.73%. The median household earns $125,999 a year, so the median home costs 5.1 times the median income (4.1 times for Virginia). 66% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Springfield at a glance
| Springfield | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $640,300 | $383,700 | $332,700 |
| Median property tax paid per year | $6,447 | $2,790 | $3,119 |
| Property tax as a share of value | 1.01% | 0.73% | 0.94% |
| Median household income | $125,999 | $93,170 | $80,734 |
| Homes lived in by their owners | 66% | 67% | 65% |
| Owner homes with a mortgage | 68% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,978 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 23.7% | 20.1% | 21.0% |
| Median rent | $2,656 | $1,579 | $1,413 |
| Rent as a share of renters' income | 41.4% | 29.4% | 30.6% |
| Median year homes were built | 1975 | 1984 | 1980 |
| Vacant homes | 3.7% | 8.7% | 10.1% |
| Population | 31,154 | 8,705,170 | 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 $640,300 with 20% down costs about $4,252 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,318, 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 $182,211 for the 20%-down payment. That payment is 40% of the median Springfield household income of $125,999; at that income and 20% down, the 28% guideline points to a home of about $443,000.
The median rent here is $2,656 a month, so owning the median home costs about $1,596 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $128,060 |
|---|---|
| Loan amount | $512,240 |
| Principal and interest | $3,446 |
| Property taxes (1.01% a year) | $539 |
| Homeowners insurance (our estimate, 0.5% a year) | $267 |
| PMI | $0 |
| Total per month | $4,252 |
Change the numbers in the calculator
| Down payment | $22,410 |
|---|---|
| Loan amount | $628,703 |
| Principal and interest | $4,229 |
| Property taxes (1.01% a year) | $539 |
| Homeowners insurance (our estimate, 0.5% a year) | $267 |
| FHA mortgage insurance | $283 |
| Total per month | $5,318 |
Change the numbers in the calculator
Questions about home buying in Springfield
What is the median home value in Springfield?
About $640,300 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 $6,447 a year, which is about 1.01% 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 $4,252 a month. Keeping that under 28% of gross income takes about $182,211 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