Affordability evidence
Springfield, IL home values, income, and owner costs
A borrower-focused reading of the latest ACS value, income, and owner-cost evidence for Springfield, IL.
Source: U.S. Census Bureau
Last updated . Article facts reviewed through this date. Time-sensitive figures show their own as-of dates.
The local figures answer the first question: In Springfield, IL, the 2024 ACS reports a median owner-occupied home value of $162,100, median household income of $66,064, and median selected monthly owner costs of $1,400 for owners with a mortgage. For borrower planning, together, those three reference points may help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $1,400 measure combines recurring ownership expenses rather than real estate taxes alone. A useful affordability review starts with $162,100, $66,064, and $1,400, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.
Springfield, IL's $162,100 median home-value estimate is below the statewide $263,300 estimate, with a reported city-to-state gap of 38.4%.