Is It Worth Buying a Home in Springfield, MO?
The decision to rent or buy in Springfield, Missouri depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $185,000 and median monthly rent of $1,150, the math plays out differently depending on your personal situation.
Springfield has an average property tax rate of 1.19% annually, which adds approximately $183/month to the cost of homeownership on a median-priced home.
Historically, home values in Springfield have appreciated at roughly 2.0% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Springfield Buyers
- Down payment of 20% on a median home = $37,000
- Monthly mortgage (30yr at 6.99%) ≈ $984/mo
- Property tax ≈ $183/mo
- Estimated maintenance ≈ $154/mo