Cost of Living in Springfield, KY
Housing
The housing market plays a significant role in determining the cost of living in Springfield, KY.
- Housing Index: 85.0 / 100
- Median Home Price is: $182,000
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1600 per month
In analyzing the data for Springfield, KY, a housing index of 85.0 suggests a relatively affordable market compared to national averages. With a median home price of 182000, purchasing a home might be a viable option for many homebuyers. Conversely, the average rent for a 2-bedroom apartment at 1200 and for a house at 1600 indicates a competitive rental market. Considering these factors can guide your decision on whether to buy or rent in Springfield, ultimately depending on your financial situation and lifestyle preferences with local amenities.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Springfield, KY.
- Electricity Price: $12.87 USD (median by state)
- Natural Gas Price: $22.78 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Springfield, KY could entail higher utility costs. Electricity costs sit at $12.87, while natural gas is priced at $22.78 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Springfield is a financially viable option for your relocation.