What is The Cost of Living in Springfield, Missouri? 2023
Thinking of making the move to Springfield, MO but have never actually visited? I’ve made almost every blog possible on Springfield Missouri, including should you move here, who is Springfield for and whose is it not, Springfield real estate market updates, pro’s and con’s and more. This is most likely my last Springfield Missouri specific blog as we will dive into the next town over on my list, Nixa Missouri.
Who am I?
However, today, let’s take a look at the cost of living in Springfield Missouri! If you’re looking to buy, sell or invest in the greater Springfield Missouri area, I’d be more than happy to help you with all your real estate needs. I’m a Realtor with my company, BOSS Properties and we are dedicated to helping you make the most out of your situation. Looking forward to chatting!
Cost of Living
Now, the statistics we are working off of is provided by rentcafe.com. Honestly, they for the most part seem accurate but just going off of my professional knowledge of the local real estate market, there are some issues but we will talk about that.
The cost of living in Springfield, MO is 2% lower than the state average and 11% lower than the national average
|Cost of Living in Springfield, MO||Compared to State Average||Compared to National Average|
|Housing (Buy and Rent)||4% lower||24% lower|
|Utilities (Monthly)||8% lower||12% lower|
|Food||1% higher||1% lower|
|Healthcare||5% higher||2% higher|
|Transportation||2% lower||7% lower|
|Goods & Services||1% lower||8% lower|
Average home prices and rental rates
Now, let’s look at some real numbers that you actually care about. Let’s look at rent and home prices. According to Rentcafe.com, the average monthly rent in Springfield, Missouri is $236. Listen, that’s not even my utility bill. Far from accurate! Now, Springfield has a range of rentals for every budget. My cousin lives in a one bedroom for $495 and I’ve seen a 2 story penthouse downtown for $2,000/mo, which is pretty cheap if you think about it.
Now, home prices. Rent Cafe has this as $285k but as of september of 2022, I can tell you our average home price is about $270k and actually going down due to rising interest rates.
Rent cafe also has the average rate at 3% but right now rates have doubled to an average of about 6% and rising, but that’s nationally and not Springfield specific.
Average Monthly Rent (as of October 17th, 2022)
So there you have it. Cheap cost of living here in Springfield, Missouri coupled with a thriving job market and lots to do makes it a great place to live! Looking forward to helping you become my neighbor and answering any questions you may have about Springfield or real estate in general. Have a great day!