Rent vs buy in Springfield, MA
The typical figures for Springfield, Massachusetts are $1,822 /mo in rent and $301,926 for a home.
Over 7 years, buying comes out ahead by $18k
With Springfield's typical rent and home value, plus 20% down and today's mortgage rate. The break-even year is 5.
Clearly labelled opinion, with the math shown. Estimates, not quotes. The stamp changes when you change a number.
- Owning comes out ahead by
- $18k after 7 years
- Break-even point
- year 5 when owning catches up
- Actual cost of owning
- $2,811 /mo year 1, against $1,822 rent
Change my numbers
Springfield's typical rent and home value are what the stamp uses. Your rent, price and years may change the result.
Do these numbers differ from the city's?
Enter the rent, price and down payment you want to use. Those figures change the stamp.
Which costs less in Springfield, renting or buying?
Over 7 years, buying costs $17,586 less. This includes the money you get back when you sell. In year 5, owning's net cost falls below renting's and remains lower.
Renting. Owning. Net cost by year so far.
Springfield: average rent compared with a mortgage payment
Mortgage payments and rent don't show every expense. At Springfield's typical price, this lists each monthly cost in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,822 | All of it, every month |
| Mortgage payment | $1,646 | $1,451 of it is interest in year 1 |
| Property tax | $380 | 1.51% of the value a year |
| Insurance | $112 | Census median for the city |
| Upkeep | $252 | 1% of the value a year |
| Owning, cash out | $2,390 | $195 of it builds equity |
| Lost return on the down payment | $491 | The annual earnings from cash at 8.3% |
| Buying costs, spread out | $126 | 3.5% of the price over 7 years |
| True cost of owning | $2,811 | Cash out minus the equity portion, plus the two amounts above |
The figures behind Springfield's result
- Typical home valueZillow ZHVI, September 2026
- $301,926
- Typical rentZillow ZORI, September 2026
- $1,822 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Massachusetts, 1995 to 2025
- 5.1% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Springfield
- 1.51% of value
- Home insuranceCensus ACS 2020-2024, Springfield
- $112 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would flip the result in Springfield?
Each line shows where Springfield's 7-year result changes. Every other factor stays as it is.
Renting comes out ahead when
- Home prices grow by less than 4.4% a year; our comparison is 5.1%, Massachusetts's rate over the long term.
- A mortgage rate remains higher than 8.27%.
- For a home like this, monthly rent is under $1,630 (typical here: $1,822).
- Before year 5, you move.
When buying comes out ahead
- Home prices rise by more than 4.4% a year.
- You lock in a rate under 8.27%. Today's rate is 7.24%.
- For the same home, renting would cost over $1,630 each month.
- You remain in the home for 5 years or more.
How Springfield compares with the other 812 cities
| Measure | Springfield | Median city |
|---|---|---|
| Typical home value | $301,926 | $422,451 |
| Typical rent | $1,822 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.8 (#685 of 813) | 18.5 |
| Home prices, last 10 years | 8% a year | 6.2% a year |
| Rents, last 5 years | 8.3% a year | 4% a year |
| Property tax | 1.51% | 0.87% |
| Households that rent | 50% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Massachusetts
- Renting. Boston, MA. Renting wins by $10k.
- Renting. Worcester, MA. Renting wins by $8k.
- Renting. Cambridge, MA. Renting wins by $83k.
- Renting. Lowell, MA. Renting wins by $9k.
- Renting. Brockton, MA. Renting wins by $19k.
- Renting. Lynn, MA. Renting wins by $45k.
- Renting. Quincy, MA. Renting wins by $51k.
- Renting. New Bedford, MA. Renting wins by $40k.
- Renting. Fall River, MA. Renting wins by $29k.
- Renting. Newton, MA. Renting wins by $317k.
- A toss-up. Lawrence, MA. It's a toss-up, with renting ahead by $2k.
- Renting wins by $65k in Somerville, MA.