Quick facts: Springfield, IL

Quick Facts

95.0
Cost of Living
below US average
113,273
Population
49.83
Crime Rate per 1000
above US average
$62,419
Median Income
below US average
$116,000
Median House Price
above US average
$1877.0
Average Rent
above US average
12%
Poverty Rate
above US average
5.8%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $62,419.

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Income Needed to Buy

βœ“ Affordable
$36k/year
Based on $116,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($62,419) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$80k/year
Based on $1877.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $80k vs median $62,419
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Springfield, IL

Springfield, Illinois, is the state capital and is steeped in rich history, prominently associated with Abraham Lincoln. The city offers a vibrant mix of culture, politics, and community, serving as a hub for government and education. Located in the central part of the state, Springfield features numerous parks, historical sites, and museums that pay homage to its heritage. Key attractions include the Abraham Lincoln Presidential Library and Museum, where visitors can explore the life and legacy of the 16th President. The Old State Capitol, a stunning example of Greek Revival architecture, is another highlight, showcasing the political history of Illinois. The city is also home to several beautiful parks, including Washington Park and the stunning Knight's Action Park & Caribbean Water Adventure, which offer recreational opportunities for families and individuals alike. Springfield hosts various annual events, such as the Illinois State Fair, drawing visitors from all over the region. With a strong sense of community, diverse dining options, and a commitment to the arts, Springfield presents a unique blend of past and present, making it a captivating destination for residents and tourists alike.

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