Springfield Sangamon Growth Alliance is proud to announce a new ranking by WalletHub shows that Springfield, Illinois is among the top ten most affordable cities for home buyers. WalletHub, an award-winning personal finance company, compared 300 cities in the United States across ten key metrics and ranked Springfield as number nine on the list. The ranking reinforces the city’s positive economic development and growth trends, along with the affordability of the real estate landscape in Springfield.
“With an economic base built on medical services, governmental agencies, and, as the home base for several national and international companies, Springfield offers one of the most stable economies in the U.S.,” said Julie Davis, Managing Broker with The Real Estate Group. “Even during recessionary periods, our home values have remained stable. Few communities in the U.S. can say that. Home buyers can purchase with confidence, getting more for their money, and have dollars left to enjoy our many and varied activities. It’s a lifestyle that fits the single person, young families, empty nesters, and retirees alike.”
WalletHub utilized ten metrics for this study which include: housing affordability, maintenance affordability, the average cost of homeowner’s insurance, cost of living, cost per square foot, real-estate tax rate, rent-to-price ratio, median home-price appreciation, quarterly active listings per capita and vacancy rate. In addition to the cost of living comparisons for cities across the country, the study also noted that the national average on a 30-year fixed mortgage rate shot up from 2.65% in 2021 to 6.39% in May 2023, highlighting the importance of affordability when looking for a home.
Springfield Sangamon Growth Alliance President and CEO of SSGA Ryan McCrady said that affordable home prices are a significant factor that companies and employees consider when deciding whether to locate in Springfield.
“This ranking will be another useful tool for us when it comes to demonstrating to businesses why Springfield is a great place to live and work,” said McCrady. “We are extremely proud of our local economy and the housing market here. Compared to the rest of the country, Springfield is a much more affordable place to live and businesses are seeing that. We hope this ranking will be an encouraging sign for everyone who lives here about the positive direction we’re headed in.”
Springfield Sangamon Growth Alliance offers several resources on its website for those looking to relocate to Springfield. Their website includes a cost of living calculator which allows people to put in where they currently live and their income to determine their estimated costs of housing, transportation, groceries and healthcare costs in Springfield. To find the Cost of Living calculator on SSGA’s website, go to www.ThriveInSPI.org.