An Overview of Cost of Living in Springfield, OH
Are you thinking about relocating, but curious about the potential cost of living in Springfield? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Springfield stands at 86, making it 14% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Springfield stands out by reporting housing costs that are 46.3% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.
What Do Locals Say About the Cost of Living in Springfield?
The most insightful perspective on a city comes from its residents. We recently surveyed 19 locals to gauge their perception of the cost of living in Springfield. The feedback revealed that 21% of respondents found the cost of living to be reasonable, with prices on the decline, while 79% regarded it as notably expensive with prices that continue to rise.
Is Springfield Affordable?
Is Springfield an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Springfield, the median home price is 56.4% lower than what most folks pay across the country, and monthly rent prices are 22.8% lower than the usual rates. Income levels in Springfield come in at $39,344, which is 28.9% lower than the national average.
What Factors can Influence the Cost of Living in Springfield?
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Springfield, the housing index is 46.3% 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 5.4% lower than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Springfield, the healthcare costs are 6.6% higher than the national average.
Where is the Data From?
The Springfield cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
Here are the best places to live in Ohio
See the best places to live in & around Springfield
10 Best cities in Ohio for employment
Top 10 cities in Ohio with the best education system