Total monthly cost of ownership
Cost to Own a Home in Springfield, Kentucky
A $155,000 home here costs
$1,319per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $797. The real number is $522 higher every month — 66% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Springfield against Washington County and Kentucky
| Measure | Springfield | Washington County |
|---|---|---|
| Median home value | $154,800 | $168,300 |
| Median property tax | $1,302 | $1,205 |
| Effective tax rate | 0.841% | 0.716% |
| Median gross rent | $752 | $696 |
| Population | 2,871 | 12,091 |
The weather behind that power bill
Springfield sits in Washington County, which averages a high of 86.6°F in its hottest month and a low of 26.1°F in its coldest, with 51.61" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,273 cooling and 4,235 heating degree days, which is what sets the $135 electricity line above.
See the full climate breakdown for Washington County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Washington County
No other places of this size are published in Washington County.
Full Washington County cost breakdown · Every county in Kentucky
Common questions
How much does it cost to own a home in Springfield?
A $155,000 home in Springfield, Kentucky costs approximately $1,319 per month with 20% down at 6.66%. That is $797 principal and interest, $109 property tax, $82 homeowners insurance, $203 utilities and $129 set aside for maintenance.
What is the property tax rate in Springfield?
Springfield has an effective property tax rate of 0.841%, based on a median home value of $154,800 and median real estate taxes of $1,302. That is higher than the Washington County average of 0.716%.
What is the average home price in Springfield?
The median owner-occupied home value in Springfield, Kentucky is $154,800, against $168,300 across Washington County.
Is it cheaper to rent or buy in Springfield?
Median gross rent in Springfield is $752 a month, against $1,319 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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 Kentucky.
- 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.