Housing costs in Springfield?
A typical home costs
$245,000, which is 27.5% less expensive than the national average of
$338,100 and 56.0% less expensive than the average Massachusetts home, at
$557,300. Renting a two-bedroom unit in Springfield costs
$1,270 per month, which is 40.7% cheaper than the national average of
$2,140 and 3.1% more than the state average of
$1,230.
Can I afford Springfield?
To live comfortably in Springfield (zip 01107), Massachusetts, a minimum annual income of
$46,800 for a family, and
$41,200 for a single person is recommended.
What does A.I. say about Springfield?
The cost of living in 01107 Springfield, MA is slightly higher than the national average. According to Best Places, the median home value in 01107 is $159,000 compared to the US average of $184,700. The cost of living index in 01107 is 111 which is above the US average of 100. Housing costs make up a significant portion of monthly expenses as they are typically the largest expense for many households. Renters can expect to pay an average rent of $1,072 per month in 01107 while homeowners pay an average mortgage payment of $1,437/month. Additionally, food costs in 01107 are also higher than the national average with groceries costing approximately 17% more than other cities throughout the US.