Total monthly cost of ownership
Cost to Own a Home in Springfield, Illinois
A $155,000 home here costs
$1,512per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $65,000 a year.
A standard mortgage calculator would have told you $852. The real number is $660 higher every month, 77% more than the payment most buyers budget for.
Compare Sangamon County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Springfield against Sangamon County and Illinois
| Measure | Springfield | Sangamon County |
|---|---|---|
| Median home value | $155,200 | $170,300 |
| Median property tax | $3,224 | $3,369 |
| Effective tax rate | 2.077% | 1.978% |
| Median gross rent | $945 | $954 |
| Population | 113,714 | 195,217 |
The weather behind that power bill
Springfield sits in Sangamon County, which averages a high of 85.5°F in its hottest month and a low of 18.6°F in its coldest, with 40.45" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,094 cooling and 5,455 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Sangamon County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sangamon County
Full Sangamon County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Springfield averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Springfield every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Springfield I already own here and may sell
Common questions
How much does it cost to own a home in Springfield?
A $155,000 home in Springfield, Illinois costs approximately $1,512 per month with 20% down at 7.32%. That is $852 principal and interest, $268 property tax, $61 homeowners insurance, $202 utilities and $129 set aside for maintenance.
What is the property tax rate in Springfield?
Springfield has an effective property tax rate of 2.077%, based on a median home value of $155,200 and median real estate taxes of $3,224. That is higher than the Sangamon County average of 1.978%.
What is the average home price in Springfield?
The median owner-occupied home value in Springfield, Illinois is $155,200, against $170,300 across Sangamon County.
Is it cheaper to rent or buy in Springfield?
Median gross rent in Springfield is $945 a month, against $1,512 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Springfield?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Springfield, Illinois at today's rate takes a household income of roughly $65,000 a year. That covers the full $1,512 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Springfield, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Illinois.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.