Springfield, Massachusetts, or 01107 as it is commonly known, has an average two-bedroom rent of $1,270, which is significantly lower than the US average of $1,430. Additionally, the Grocery Cost Index in Springfield is 104 versus 100 in the US. This makes Springfield a very financially attractive place to live.
The city is also known for its many attractions and activities such as the Naismith Memorial Basketball Hall of Fame, Six Flags New England amusement park and the Dr. Seuss National Memorial Sculpture Garden. Springfield is also home to several renowned higher educational institutions such as American International College and Western New England University. The city's economy is bolstered by several major employers including Baystate Health System, MassMutual Insurance Companies and Smith & Wesson Corporation.
Springfield (zip 01107) has an unemployment rate of 11.2%. The US average is 6.0%.
Springfield (zip 01107) has seen the job market increase by 3.6% over the last year. Future job growth over the next ten years is predicted to be 31.7%, which is lower than the US average of 33.5%.
Tax Rates for Springfield (zip 01107)
- The Sales Tax Rate for Springfield (zip 01107) is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Springfield (zip 01107) is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Springfield (zip 01107)
- The average income of a Springfield (zip 01107) resident is $12,492 a year. The US average is $28,555 a year.
- The Median household income of a Springfield (zip 01107) resident is $31,698 a year. The US average is $69,021 a year.