Total monthly cost of ownership
Cost to Own a Home in Springfield, Massachusetts
A $223,000 home here costs
$2,018per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $86,500 a year.
A standard mortgage calculator would have told you $1,235. The real number is $783 higher every month, 63% more than the payment most buyers budget for.
Compare Hampden 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 Hampden County and Massachusetts
| Measure | Springfield | Hampden County |
|---|---|---|
| Median home value | $222,700 | $276,300 |
| Median property tax | $3,570 | $4,332 |
| Effective tax rate | 1.603% | 1.568% |
| Median gross rent | $1,114 | $1,105 |
| Population | 154,751 | 462,853 |
The weather behind that power bill
Springfield sits in Hampden County, which averages a high of 84.9°F in its hottest month and a low of 15.5°F in its coldest, with 45.16" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 677 cooling and 6,330 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Hampden County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hampden County
Full Hampden County cost breakdown · Every county in Massachusetts
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 $223,000 home in Springfield, Massachusetts costs approximately $2,018 per month with 20% down at 7.4%. That is $1,235 principal and interest, $298 property tax, $58 homeowners insurance, $242 utilities and $186 set aside for maintenance.
What is the property tax rate in Springfield?
Springfield has an effective property tax rate of 1.603%, based on a median home value of $222,700 and median real estate taxes of $3,570. That is higher than the Hampden County average of 1.568%.
What is the average home price in Springfield?
The median owner-occupied home value in Springfield, Massachusetts is $222,700, against $276,300 across Hampden County.
Is it cheaper to rent or buy in Springfield?
Median gross rent in Springfield is $1,114 a month, against $2,018 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, Massachusetts at today's rate takes a household income of roughly $86,500 a year. That covers the full $2,018 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 Massachusetts.
- 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.