Mortgage payment estimates, closing cost breakdowns, and homebuying data for Springfield, Massachusetts.
Pre-filled with Springfield median home price and Massachusetts tax/insurance rates. Adjust for your property.
Estimated closing costs based on Massachusetts rates and fees applied to Springfield prices.
The median home price in Springfield is $265,000, 55% below the Massachusetts state median of $595,000. With a population of 155,929, Springfield is a mid-size city where home prices tend to be more accessible than in many parts of Massachusetts.
Property taxes in Massachusetts average 1.2% annually. This moderate property tax rate means a $265,000 home in Springfield would carry roughly $265/month in property taxes. Homeowners insurance in Massachusetts runs approximately $2,200 per year. This is within the normal range nationally.
Average rent in Springfield is $1,350/month. The price-to-rent ratio in Springfield is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Springfield presents moderate affordability. The $265K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.