Cost of living in Springfield, MA — Housing, Rent & Index

The median home value in Springfield, MA is $298,985 as of 2026-04. That places Springfield below the US average for housing cost, with a cost index of approximately 84 versus a national baseline of 100.

Over the past 12 months, the median home value in Springfield has climbed 3.7%, and over the past five years it has averaged +6.8% annual growth. The current price sits +0.0% from its 5-year peak in 2026-04.

Renters pay a median of $1,703 per month in Springfield. Rents have changed +5.1% over the last year and averaged +7.6% per year over five years.

Beyond housing, day-to-day costs in Springfield are shaped by state and local taxes, utility rates, transportation, and groceries. This page focuses on the housing component, which is the largest single line in most household budgets and the easiest to compare across cities using consistent national data.