Cost of Living in Springfield, IL

An Overview of Cost of Living in Springfield, IL

Getting a feel for the cost of living in Springfield is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Springfield is 88, which is 12% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Springfield, these goods are 12.4% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

What Do Locals Say About the Cost of Living in Springfield?

The real experts on a city are its residents. That's why we reached out to 7 locals to get their views on the cost of living in Springfield. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 43% found it budget-friendly with decreasing prices, while 57% said it's simply not affordable as prices have continued to rise.

Is Springfield Affordable?

Is Springfield affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Springfield, for instance, where the median home price falls 28.9% lower than the national average, and monthly rent rates are 13.6% lower than usual. Additionally, median income levels contribute to the equation, with Springfield flaunting a median household income of $54,164, 2.1% lower than the national norm.

What Factors can Influence the Cost of Living in Springfield?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Springfield, the transportation index is 9% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Springfield, healthcare costs are 7.2% lower than the national average.

Where is the Data From?

The cost of living data in Springfield displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.