Springfield, IL Metro Area is a great place to live. The cost of living is relatively low compared to the rest of the country; 2 bedroom rent averages $910 versus $1,430 nationally. Additionally, the Grocery Cost Index in the area is 95 as opposed to 100 in the US. Given these advantages, Springfield remains attractive to many businesses and individuals. Major employers in the area include Memorial Health Systems, Horace Mann Insurance, Bunn-O-Matic Corporation and Illinois Department of Human Services. Each of these companies contributes significantly to the local economy and provides employment opportunities for local residents.
Springfield Metro Area has an unemployment rate of 6.3%. The US average is 6.0%.
Springfield Metro Area has seen the job market increase by 0.2% over the last year. Future job growth over the next ten years is predicted to be 22.9%, which is lower than the US average of 33.5%.
Tax Rates for Springfield Metro Area
- The Sales Tax Rate for Springfield Metro Area is 7.8%. The US average is 7.3%.
- The Income Tax Rate for Springfield Metro Area 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 Metro Area
- The average income of a Springfield Metro Area resident is $30,522 a year. The US average is $28,555 a year.
- The Median household income of a Springfield Metro Area resident is $66,999 a year. The US average is $69,021 a year.