The Cost of Living in Springfield, MO
Welcome to the city of Springfield, nestled right in beautiful Southwest Missouri! If you're considering making this beautiful region your new home or you're already a resident planning your new home, understanding the cost of living is a crucial factor in making informed decisions about your lifestyle, housing, and finances.
The cost of living refers to the amount of money needed to sustain a certain standard of living in a particular area. It encompasses various factors, including housing, utilities, transportation, healthcare, education, and more.
Let's take a look closer look at these aspects to give you a clearer picture of what it's like to live in Southwest Missouri, and more specifically, the Springfield area.
Living in Springfield, MO: A Snapshot
Often referred to as the "Queen City” of the Ozarks, Springfield is a harmonious blend of urban sophistication and small-town charm. As the third-largest city in the state, Springfield serves as an important economic hub, offering a diverse mix of educational, recreational, and cultural opportunities.
It’s a place that offers the conveniences of city life balanced with the serenity of the Ozarks' natural beauty. It's a city that is progressive yet rooted in its rich history, making it an ideal destination for families, students, professionals, and retirees alike.
And all things considered, it’s also pretty affordable when compared with other cities across the country.
According to RentCafe, the cost of living in Springfield is 4% lower than the state average and 13% lower than the national average.
Housing Costs
In recent years, Southwest Missouri has seen a steady rise in housing prices, though still below the national average. For potential homeowners, this offers an affordable entry into real estate.
Moreover, for those who crave a unique touch, custom homes provide a blend of affordability and personalization. When budgeting, also account for property taxes, which are relatively moderate, and homeowner insurance rates.
Here’s how RentCafe breaks down the housing costs of Springfield:
Average Monthly Rent: $1,140
Average Home Price: $320,996
Average Mortgage Rate: 5.22%
Utility Expenses
Your average resident in Southwest Missouri might spend slightly less on utilities compared to some neighboring states. A breakdown indicates that electricity, followed by water and gas, form the bulk of these expenses. Regular maintenance helps in keeping these bills manageable.
RentCafe lists the average energy bill at around $135.32 per month for residents of Springfield and says utilities are around 14% less than the national average.
Transportation Expenses
Gasoline prices in Southwest Missouri typically mirror the national average, but remember to factor in occasional spikes. While public transportation options might be limited, the well-maintained local infrastructure ensures reduced wear and tear on vehicles, potentially leading to long-term savings on car maintenance.
Food and Groceries
A family in Springfield can expect to spend around 8% less than the national average. However, the Southwest Missouri region also boasts several local farmer markets offering fresh produce, often at a lower cost and superior quality than commercial stores.
Healthcare Costs
Healthcare, an essential yet significant expense, tends to lean on the affordable side in Springfield compared to the national average. Compared to the state of Missouri, however, healthcare costs in Springfield are around 6% more than state average.
Let’s Help Make Springfield Your Home
Southwest Missouri is a great place to build a home when you consider affordability and quality of life.
While certain expenses mirror national trends, the region offers its unique blend of cost-saving opportunities and is generally less expensive to live in than other parts of the country. For those seeking a balance between the hustle and bustle of city life and the tranquility of nature, Springfield might just be the right place to call home.
If you’re interested in building a home in the Springfield-area, contact Everlasting Homes. Our team has lots available and is prepared to turn your dream home into reality.
