Updated 2026 · Based on median market data for Springfield, MA
Springfield's price-to-income ratio is 5.7x — homes cost 5.7 times the local median household income of $40,200. Housing is stretched relative to local incomes. Many workers are effectively priced out of buying, creating deep rental demand. This is favorable for landlords but also means your tenants may be more cost-sensitive.
A typical mortgage payment on a median-priced home in Springfield (20% down at 7%) is approximately $1,530/mo for principal and interest alone — add taxes and insurance and the all-in payment reaches roughly $1,841. The median rent of $1,280/mo is significantly less than buying — this rent-vs-buy gap is one of the strongest indicators of sustainable rental demand. When renting is cheaper than buying, the renter pool stays deep and vacancy stays low.
The median household income in Springfield is $40,200, with a population of 155,929 growing at 0.1% per year. Springfield is a mid-sized city with enough economic diversity to weather most downturns, though it may be more dependent on a few key employers or industries.
Despite higher relative prices, Springfield compensates with deep rental demand from a large population priced out of homeownership. Focus on neighborhoods where rent growth is strongest and tenant quality is highest.