Mortgage Affordability Calculator for Springfield, MA
Updated 2026 · Local data pre-filled
In Springfield, the median household income is $54,200 per year, while the median home costs $275,000. The price-to-income ratio is 5.1x — a stretch in this competitive market. Use this calculator to determine what you can comfortably afford based on your income.
✓ Calculator below is pre-filled with Springfield local data
How Springfield Compares to the National Average
Understanding how Springfield stacks up helps you calibrate your financial planning.
| Metric | Springfield, MA | US Average | Difference |
|---|---|---|---|
| Median Home Price | $275,000 | $420,800 | -34.6% |
| Median Monthly Rent | $1,150 | $1,713 | -32.9% |
| Median Household Income | $54,200 | $74,580 | -27.3% |
| Property Tax Rate | 1.06% | 1.10% | -3.6% |
| Cost of Living Index | 98 | 100 | -2.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Springfield Financial Snapshot
- Population (Metro)
- 700,000
- Unemployment
- 4.8%
- Avg Commute
- 24 min
- Median Age
- 37.8
- Price-to-Rent Ratio
- 19.9x
- Annual Property Tax
- $2,915
Frequently Asked Questions — Springfield
What is the median home price in Springfield, MA?
The median home price in Springfield is $275,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Springfield?
Median monthly rent in Springfield is $1,150. That works out to $13,800/year, or 25% of the median household income — within the commonly recommended 30% of income guideline.
Is Springfield affordable?
Springfield's cost of living index is 98 vs. the national average of 100. With a median household income of $54,200/year and a median home price of $275,000, the price-to-income ratio is 5.1x. Springfield falls in the middle of the affordability spectrum for US cities.
What is the property tax rate in Springfield?
The effective property tax rate in Springfield is 1.06% of assessed value. On the median home of $275,000, that's roughly $2,915/year ($243/month).