Research / Rent vs. buy / Illinois / Springfield

Rent or buy in Springfield?
Renting is $328 a month cheaper.

Renting the typical home in Springfield costs $328 less a month than owning it. Counting equity, price growth and what a renter could earn by investing the difference, buying comes out ahead in year 11.

Updated November 12, 2026 · Zillow data for September 2026 · 7.11% mortgage rate (Freddie Mac, November 12, 2026) · Rank 47 of 339 (1 = owning closest to renting) · Part of our 2026 rent vs. buy study

Monthly cost to own$1,506typical home, 20% down
Typical monthly rent$1,178Zillow, September 2026
Buying breaks evenYear 113.5% price growth
Cash needed to buy$40,045$174,110 home · 20% down + 3% closing
Income needed to own$60,254vs. $47,120 to rent · 30% rule

Where the monthly money goes.

The first-month cost of owning the typical Springfield home, split into its parts, against the typical rent. About $112 of the first mortgage payment is principal, which you keep as equity.

The median household income in Springfield is $66,064 (Census ACS 2020–2024). Owning the typical home would take 27% of it; renting would take 21%.

As a check with a larger rental, HUD's FY2027 Fair Market Rent for a three-bedroom home in the Springfield, IL MSA area is $1,631 a month, $125 above the cost of owning.

  • Mortgage principal & interest $937
  • Property tax $301
  • Home insurance $123
  • Maintenance $145

How long you would need to stay.

Net worth of a buyer compared with a renter who invests the down payment, closing costs and any monthly savings at 6% a year. Home values and rents grow 3.5% a year; selling costs 6%.

Change the assumptions

Buying vs. renting in Springfield, by years in the home
StayResult
3 yearsRenting ahead by $13,415
5 yearsRenting ahead by $10,929
7 yearsRenting ahead by $7,482
10 yearsRenting ahead by $128
15 yearsBuying ahead by $19,784
20 yearsBuying ahead by $53,152
30 yearsBuying ahead by $187,375

Rent or buy elsewhere in Illinois.

Other large Illinois cities in the study.

All cities
ChicagoRenting $301/mo cheaperAuroraRenting $452/mo cheaperNapervilleRenting $2,685/mo cheaperJolietRenting $590/mo cheaperRockfordRenting $445/mo cheaperElginRenting $958/mo cheaperPeoriaRenting $1/mo cheaper

More on Springfield

See the full Springfield rental market profile with Census medians, or check how a typical rental performs for an investor in our cash-flow ranking.

How we calculated this

Price is the Zillow Home Value Index and rent the Zillow Observed Rent Index for Springfield. The cost of owning includes principal and interest at 7.11% with 20% down, property tax at the city's 2.07% effective rate (Census ACS), the Illinois average homeowners premium (NAIC 2023) and 1% yearly maintenance. It leaves out income-tax effects, HOA dues and utilities. The typical rental may be smaller than the typical home for sale. Full methodology. This is a citywide estimate, not advice about a specific home.