An Overview of Cost of Living in Springfield, MO
Getting a feel for the cost of living in Springfield is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Springfield is 84, which is 16% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Springfield, these essential goods and services are priced 10.6% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.
What Do Locals Say About the Cost of Living in Springfield?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 20 locals to understand their opinions on the cost of living in Springfield. The results indicated that 55% found it reasonably priced with decreasing prices of goods and services, while 45% viewed it as quite expensive, with increasing prices.
Is Springfield Affordable?
Is Springfield affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Springfield, the median home price is 33.8% lower than the national average and monthly rent prices are 19.9% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Springfield boasting a median household income of $37,491, 32.2% lower than the national average.
What Factors can Influence the Cost of Living in Springfield?
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Springfield, the utilities index is 19.7% lower than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Springfield, the transportation index is 10.2% lower than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Springfield, the housing index comes in at 29.7% lower than the national average.
Where is the Data From?
The cost of living data in Springfield displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.