Cost of Living in Springfield
The biggest cost-of-living factor in Springfield, Massachusetts is housing. The median home is priced around $311K, or about $213 per square foot.
With 20% down on a median-priced home, the estimated monthly mortgage payment (principal and interest) is about $1,614, plus roughly $406 per month in property taxes. Rates and down payment change this figure significantly.
Springfield's FY2025 residential property tax rate is $15.68 per $1,000 of assessed value. Combined with home prices, that gives a clear picture of the monthly cost of owning in Springfield.