Total monthly cost of ownership
Cost to Own a Home in Springfield, New Jersey
A $581,000 home here costs
$4,859per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $208,000 a year.
A standard mortgage calculator would have told you $3,168. The real number is $1,691 higher every month, 53% more than the payment most buyers budget for.
Compare Union County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Springfield from a five-year rolling sample, and with about 1,338 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Union County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Springfield against Union County and New Jersey
| Measure | Springfield | Union County |
|---|---|---|
| Median home value | $580,900 | $488,800 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.722% | 2.046% |
| Median gross rent | $2,224 | $1,664 |
| Population | 1,338 | 572,549 |
The weather behind that power bill
Springfield sits in Union County, which averages a high of 85.9°F in its hottest month and a low of 25.1°F in its coldest, with 50.39" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,123 cooling and 4,856 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Union County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Union County
Full Union County cost breakdown · Every county in New Jersey
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 $581,000 home in Springfield, New Jersey costs approximately $4,859 per month with 20% down at 7.24%. That is $3,168 principal and interest, $834 property tax, $142 homeowners insurance, $231 utilities and $484 set aside for maintenance.
What is the property tax rate in Springfield?
Springfield has an effective property tax rate of 1.722%, based on a median home value of $580,900 and median real estate taxes of $10,001. That is lower than the Union County average of 2.046%.
What is the average home price in Springfield?
The median owner-occupied home value in Springfield, New Jersey is $580,900, against $488,800 across Union County.
Is it cheaper to rent or buy in Springfield?
Median gross rent in Springfield is $2,224 a month, against $4,859 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, New Jersey at today's rate takes a household income of roughly $208,000 a year. That covers the full $4,859 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 New Jersey.
- 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.