Rent vs buy in Springfield, MO
In Springfield, Missouri, the typical rent is $1,192 /mo and the typical home price is $243,597.
Over 7 years, renting saves you $20k
Today's mortgage rate and a 20% down payment are applied alongside Springfield's typical rent and home value. The break-even point is year 14.
An opinion, clearly labeled, with the math shown. These are estimates, not quotes. Change any number, and the stamp changes with it.
- Ahead with renting
- $20k after 7 years
- Break-even point
- year 14 when owning catches up
- Actual cost of owning
- $2,134 /mo year 1, against $1,192 rent
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Figures for the stamp come from Springfield's typical home value and rent. Different figures for your rent, price and years can change the result.
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Is it cheaper to rent or buy in Springfield?
Over 7 years, renting costs $20,264 less, including the money you get back when you sell. For the first 13 years, renting costs less. By year 14, owning catches up.
Rent. Own. Net cost by year so far.
Comparing average rent and mortgage payments in Springfield
At Springfield's typical price, here's every monthly cost for year 1. The rent and mortgage aren't the whole story.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,192 | All of it, every month |
| Mortgage payment | $1,328 | $1,171 of it is interest in year 1 |
| Property tax | $152 | 0.75% of the value a year |
| Insurance | $111 | Census median for the city |
| Upkeep | $203 | 1% of the value a year |
| Owning, cash out | $1,794 | $157 of it builds equity |
| Lost return on the down payment | $396 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $101 | 3.5% of the price over 7 years |
| True cost of owning | $2,134 | Start with cash out, subtract the equity part and add the two lines above. |
Springfield verdict explained by the numbers
- Typical home valueZillow ZHVI, September 2026
- $243,597
- Typical rentZillow ZORI, September 2026
- $1,192 /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, Missouri, 1995 to 2025
- 4% 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
- 0.75% of value
- Home insuranceCensus ACS 2020-2024, Springfield
- $111 /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 could change Springfield's result?
Each line shows where Springfield's 7-year verdict changes, while all other factors stay the same.
When renting wins
- Home prices rise by less than 5.0% a year, and we use 4% based on Missouri's rate over the long run.
- The mortgage rate remains above 5.76%.
- For a home like this, the monthly rent is less than $1,410 (typical here: $1,192).
- Before year 14, you move.
When buying wins
- Annual home-price growth is above 5.0%.
- With today's rate at 7.24%, you lock in a mortgage rate below 5.76%.
- For that same home, monthly rent would exceed $1,410.
- Your stay lasts at least 14 years.
How Springfield compares with the other 812 cities
| Measure | Springfield | Median city |
|---|---|---|
| Typical home value | $243,597 | $422,451 |
| Typical rent | $1,192 /mo | $1,837 /mo |
| Price-to-rent ratio | 17.0 (#490 of 813) | 18.5 |
| Home prices, last 10 years | 7.4% a year | 6.2% a year |
| Rents, last 5 years | 5.1% a year | 4% a year |
| Property tax | 0.75% | 0.87% |
| Households that rent | 56% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Missouri cities besides Springfield
- Rent. Kansas City, MO. Renting has the edge by $9k.
- Buy. In St. Louis, MO, buying is ahead by $16k.
- Rent. Columbia, MO. Renting comes out ahead by $39k.
- Buying wins by $9k in Independence, MO.
- Renting wins by $72k in Lee's Summit, MO.
- Rent. O'Fallon, MO. Renting comes out ahead by $41k.
- Rent. St. Charles, MO. Renting comes out ahead by $53k.
- Rent. St. Joseph, MO. Renting comes out ahead by $8k.
- Rent. St. Peters, MO. Renting comes out ahead by $25k.
- Rent. Blue Springs, MO. Renting comes out ahead by $16k.
- Toss-up. Joplin, MO. It's close, but renting is ahead by $3k.
- Buy. Florissant, MO. Buying comes out ahead by $37k.