Cost of Living in Springfield, Massachusetts
In Springfield, the median household income is $52,656 and the median gross rent is $1,144/mo, with a median home value of $245,000. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $52,656
- Median gross rent
- $1,144/mo
- Median home value
- $245,000
- Population
- 154,749
How Springfield compares to the Massachusetts average
| Measure | Springfield, MA | Massachusetts statewide | Difference |
|---|---|---|---|
| Median household income | $52,656 | $103,960 | -49.3% |
| Median gross rent (monthly) | $1,144 | $1,762 | -35.1% |
| Median home value | $245,000 | $562,100 | -56.4% |
Statewide, Massachusetts prices average 105.8 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Springfield
- Salary needed for median rent
- $45,760
- Rent burden at median income
- 26.1%
- Est. affordable home price
- $192,086
So that $1,144/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Springfield is $245,000 — +27.5% above what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other Massachusetts cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.