The typical owner-occupied home in Springfield is worth about $264,800, about the same as the Wisconsin median of $266,500 and 20% below the national median of $332,700. Owners pay a median $2,296 a year in property taxes, about 0.87% of their home's value, lower than the Wisconsin rate of 1.42%. The median household earns $45,962 a year, so the median home costs 5.8 times the median income (3.4 times for Wisconsin). 100% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Springfield at a glance
| Springfield | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $264,800 | $266,500 | $332,700 |
| Median property tax paid per year | $2,296 | $3,792 | $3,119 |
| Property tax as a share of value | 0.87% | 1.42% | 0.94% |
| Median household income | $45,962 | $77,485 | $80,734 |
| Homes lived in by their owners | 100% | 68% | 65% |
| Owner homes with a mortgage | 63% | 61% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,689 | $1,963 |
| Median rent | – | $1,087 | $1,413 |
| Median year homes were built | 1972 | 1975 | 1980 |
| Vacant homes | 0.0% | 10.8% | 10.1% |
| Population | 100 | 5,914,872 | 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 $264,800 with 20% down costs about $1,727 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,168, 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 $74,030 for the 20%-down payment. That payment is 45% of the median Springfield household income of $45,962; at that income and 20% down, the 28% guideline points to a home of about $164,000.
| Down payment | $52,960 |
|---|---|
| Loan amount | $211,840 |
| Principal and interest | $1,425 |
| Property taxes (0.87% a year) | $192 |
| Homeowners insurance (our estimate, 0.5% a year) | $110 |
| PMI | $0 |
| Total per month | $1,727 |
Change the numbers in the calculator
| Down payment | $9,268 |
|---|---|
| Loan amount | $260,004 |
| Principal and interest | $1,749 |
| Property taxes (0.87% a year) | $192 |
| Homeowners insurance (our estimate, 0.5% a year) | $110 |
| FHA mortgage insurance | $117 |
| Total per month | $2,168 |
Change the numbers in the calculator
Questions about home buying in Springfield
What is the median home value in Springfield?
About $264,800 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 $2,296 a year, which is about 0.87% 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 $1,727 a month. Keeping that under 28% of gross income takes about $74,030 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