Research / Rent vs. buy / Massachusetts / Springfield

Rent or buy in Springfield?
Renting is $612 a month cheaper.

Renting the typical home in Springfield costs $612 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 12.

Updated November 12, 2026 · Zillow data for September 2026 · 7.11% mortgage rate (Freddie Mac, November 12, 2026) · Rank 65 of 339 (1 = owning closest to renting) · Part of our 2026 rent vs. buy study

Monthly cost to own$2,434typical home, 20% down
Typical monthly rent$1,822Zillow, September 2026
Buying breaks evenYear 123.5% price growth
Cash needed to buy$69,443$301,926 home · 20% down + 3% closing
Income needed to own$97,350vs. $72,880 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 $194 of the first mortgage payment is principal, which you keep as equity.

The median household income in Springfield is $52,656 (Census ACS 2020–2024). Owning the typical home would take 55% of it; renting would take 42%.

As a check with a larger rental, HUD's FY2027 Fair Market Rent for a three-bedroom home in the Springfield, MA MSA area is $2,241 a month, still $193 below the cost of owning.

  • Mortgage principal & interest $1,625
  • Property tax $379
  • Home insurance $178
  • Maintenance $252

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 $24,893
5 yearsRenting ahead by $21,930
7 yearsRenting ahead by $17,553
10 yearsRenting ahead by $7,746
15 yearsBuying ahead by $20,039
20 yearsBuying ahead by $68,087
30 yearsBuying ahead by $266,830

Rent or buy elsewhere in Massachusetts.

Other large Massachusetts cities in the study.

All cities
BostonRenting $2,024/mo cheaperWorcesterRenting $1,201/mo cheaperCambridgeRenting $3,448/mo cheaperLowellRenting $1,339/mo cheaperBrocktonRenting $1,489/mo cheaperQuincyRenting $2,235/mo cheaperLynnRenting $1,931/mo cheaperNew BedfordRenting $1,540/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 1.51% effective rate (Census ACS), the Massachusetts 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.