Springfield Sangamon Growth Alliance (SSGA) is proud to announce a new report by Empower has ranked Springfield, Illinois as the second most affordable city in the United States for working adults. Empower is a financial services company focused on empowering financial freedom for all through investment services, wealth management, and retirement solutions for individuals and companies.
“This ranking is another indicator of why we truly believe Springfield is the place to be,” said CEO and President of SSGA, Ryan McCrady. “This past year alone, we’ve seen a tremendous amount of recognition by outside organizations, acknowledging that Springfield is a great place to live and work. WalletHub in particular recently recognized Springfield among the top 10 most affordable cities for homebuyers. This new ranking is another encouraging sign for everyone who lives and works here that our community is moving in the right direction.”
Empower ranked these cities based on the following variables and weights:
- Home Affordability (30%), based on median rent prices (Zumper) and median home prices (Realtor.com)
- Income (30%), based on average income of residents (BLS)
- Cost of living (25%), based on the relative index of the cost of living (AdvisorSmith)
- Labor force participation (15%), based on percentage of employed residents (BLS)
This report also included a survey of 800 U.S. workers and 200 U.S. retirees to gather their perspectives on the best cities to live in and what qualities make those cities the most appealing. It was conducted in July 2023 by Fractl on behalf of Empower.
Springfield Sangamon Growth Alliance offers several resources on their website for those looking to relocate to Springfield, including a cost of living calculator that allows people to put in where they currently live and their income to determine the costs of housing, transportation, groceries and healthcare in Springfield. To find the Cost of Living calculator on SSGA’s website, go to www.ThriveInSPI.org.