Springfield, IL is a mid-sized city located in the heart of Illinois. It has a population of 116,000 and is known for its central location and vibrant economy. In Springfield, the average cost of a two-bedroom apartment is $940, which is significantly lower than the national average of $1,430. Additionally, the cost of groceries is slightly lower than the national average with an index rating of 94 versus 100. There are many local companies in Springfield including Land of Lincoln Credit Union, Sage Products, and Horace Mann. These businesses provide employment opportunities to many resident and contribute to the economic growth of Springfield.
Springfield has an unemployment rate of 7.1%. The US average is 6.0%.
Springfield has seen the job market decrease by -7.4% over the last year. Future job growth over the next ten years is predicted to be 22.1%, which is lower than the US average of 33.5%.
Tax Rates for Springfield
- The Sales Tax Rate for Springfield is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Springfield is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Springfield
- The average income of a Springfield resident is $35,851 a year. The US average is $37,638 a year.
- The Median household income of a Springfield resident is $57,596 a year. The US average is $69,021 a year.