Home Affordability in Springfield, MO
The median home price in Springfield is $190,000 with a median household income of $38,648. Housing is moderately affordable relative to local incomes.
Median Home Price
$190,000
Median Income
$38,648
Price-to-Income Ratio
4.9x
Est. Affordable Home
$150,000
Property Tax Rate
0.97%
Annual Property Tax
$1,843
Sales Tax Rate
8.10%
Cost of Living Index
82
Buying a Home in Springfield
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $38,648 in Springfield can afford a monthly housing payment of approximately $902. This translates to a home price of roughly $150,000, which is below the median home price of $190,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Springfield would be approximately $1,843 per year ($154/month) at the effective rate of 0.97%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,700 | $184,300 | Yes |
| 5% | $9,500 | $180,500 | Yes |
| 10% | $19,000 | $171,000 | Yes |
| 20% | $38,000 | $152,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now