Mortgage payment estimates, closing cost breakdowns, and homebuying data for Springfield, Illinois.
Pre-filled with Springfield median home price and Illinois tax/insurance rates. Adjust for your property.
Estimated closing costs based on Illinois rates and fees applied to Springfield prices.
The median home price in Springfield is $145,000, 46% below the Illinois state median of $270,000. With a population of 114,394, Springfield is a mid-size city where home prices tend to be more accessible than in many parts of Illinois.
Property taxes in Illinois average 2.07% annually. This higher-than-average tax rate means a $145,000 home in Springfield would carry roughly $250/month in property taxes alone — plan accordingly. Homeowners insurance in Illinois runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Springfield is $880/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Springfield over the long term.
Springfield offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Illinois's IHDA 1stHomeIllinois program.