Cost of Living in Springfield, IL
Cost of Living in Springfield, IL has an overall index of 76, 24% below the U.S. baseline of 100. The typical home value is $155,200; typical monthly rent is $945; and median household income is $65,537.
Cost index: committed city housing/rent inputs and BEA 2024 metro-area price parities. Home value: Census ACS 2023 fallback place estimate. Rent: Census ACS 2023 fallback place estimate. A place-level signal, not a personal affordability decision or financial recommendation.
Rent and home prices are comparatively balanced with local income. This describes the local market, not your household.
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Frequently asked questions about Springfield
Living in Springfield
Is Springfield, IL an affordable place to live?+
Yes — everyday expenses in Springfield run about 24% below the US average (Cost Index: 76). Housing is especially affordable: the median home is valued around $155,200, compared to the $303,400 national median. Monthly rent is $945, versus $1,348 nationally.
How does Springfield fit a household housing budget?+
Start with housing. Typical monthly rent is $945, while local median household income is $65,537. That implies a rent-burden proxy of about 17% before utilities and other costs. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Springfield, IL?+
Illinois uses a flat model; 4.95% is top marginal-rate context. Applying the 2.07% state-level effective owner-occupied proxy to a home worth $155,200 gives a planning estimate near $3,213 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 8.82%.
How much does it cost to rent in Springfield, IL?+
The typical monthly rent in Springfield is around $945. That's roughly 30% lower than the $1,348 national median. For comparison, the median home value here is $155,200, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Springfield, IL?+
The typical home value in Springfield is $155,200. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $753/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 63% of residents here own their homes.
Are groceries and utilities expensive in Springfield?+
Grocery prices in Springfield are more affordable compared to the rest of the US (index: 94, where 100 is the national average). Utility bills (electricity, gas, water) are about typical (index: 90). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.
What is Springfield, IL like to live in?+
Springfield is a mid-sized city with a population of about 113,714. The median age of residents is 40.7, which is close to the national median. The local poverty rate is 16.51%, above the national average of 12.4%.