A+
16%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
30%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Springfield Missouri National
Cost of living8488100
Goods & Services8992100
Groceries9495100
Health care9590100
Housing7078100
Transportation9091100
Utilities8099100

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.

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Cost Of Living Quick Facts

  • The cost of living in Springfield is 5% lower than the Missouri average
  • The cost of living in Springfield is 16% lower than the national average
  • Springfield housing is 30% lower than the national average
  • Missouri general sales tax is 17% lower than the national average
  • Missouri state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Springfield

See all the best places to live around Springfield

Compare Springfield, MO Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$54,190$4,516$1,264$1,626
      Renters$28,403$2,367$663$852
      The affordability of the housing market in Springfield, MO as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Springfield homeowners, the median income is $54,190. This indicates that a monthly maximum of $1,264 should be spent by homeowners on all housing related costs. Renters have a median income of $28,403. This indicates that renters would have a maximum of $663 for their rent related monthly costs.

      Missouri Sales Tax

      State General Sales Tax With Max Surtax
      Missouri 4.225% 10.85%

      Missouri Income Tax

      State Income Tax (Low) Income Tax (High)
      Missouri 2% 4.95%

      Goods & Services

      Item Springfield National avg. Difference
      Haircut $20.90$24.2613.9%
      Beauty Salon $43.40$45.564.7%
      Toothpaste $3.69$3.700.2%
      Shampoo $1.43$1.2811.9%
      Movie $11.45$12.135.7%
      Bowling $20.06$18.0011.5%

      Groceries

      Item Springfield National avg. Difference
      Ground Beef $5.93$5.841.5%
      Fried Chicken $1.37$1.5712.7%
      Milk $4.65$4.670.5%
      Potatoes $4.78$4.933.1%
      Pizza $10.93$12.099.6%
      Beer $9.53$10.418.5%

      Health Care

      Item Springfield National avg. Difference
      Optometrist $87.72$125.6830.2%
      Doctor $89.65$135.7834.0%
      Dentist $114.22$113.290.8%
      Ibuprofen $10.47$10.651.7%
      Lipitor $495.14$468.605.7%

      Housing

      Item Springfield National avg. Difference
      Home Price $122,200.00$184,700.0033.8%
      Avg. Mortgage Payment $1,859.59$2,346.6920.8%
      Apartment Rent $760.00$949.0019.9%

      Transportation

      Item Springfield National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $45.32$59.9224.4%

      Utilities

      Item Springfield National avg. Difference
      All Electricity $193.72$193.990.1%
      Phone $200.43$192.254.3%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Walnut Grove, MO5287920.8%
      Billings, MO9088217.7%
      Sparta, MO2,1678317.2%
      Strafford, MO2,4378415.8%
      Clever, MO2,7428415.7%
      Springfield, MO167,6018416.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Corona, CA168,11214949.4%
      Fort Collins, CO166,06912727.5%
      Cary, NC169,17712424.3%
      Greater Sudbury, ON165,562n/a 
      Eugene, OR170,45711717.2%
      Springfield, MO167,6018416.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.