Springfield, IL housing market
Typical home value
$174K
▲ 6.8% 1 yr
Typical rent
$1,178/mo
▲ 4.2% 1 yr
Gross rent yield
8.1%
U.S. 6.3%
5-year home value change
+30%
U.S. +20%
Key takeaways
- 1The typical home in Springfield is worth $174,110, up 6.8% over the past year and up 30% over five years.
- 2Typical rent is $1,178 a month (+4.2% YoY), a gross rent yield of 8.1% (above the Springfield, IL metro's 7.2%).
- 3With 20% down at 7.32%, principal and interest on the typical home is about $957/mo, $221 less than typical rent.
- 4Zillow forecasts the Springfield, IL metro's home values to change +5.1% over the next 12 months.
Market temperature (Springfield, IL metro)
Seller's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 60/100, #37 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Springfield compares
| Measure | Springfield | Springfield, IL metro | United States |
|---|---|---|---|
| Typical home value | $174,110 | $200,781 | $366,157 |
| Home value, 1-yr change | +6.8% | +7.4% | +1.2% |
| Typical rent | $1,178 | $1,207 | $1,932 |
| Rent, 1-yr change | +4.2% | +3.5% | +2.7% |
| Gross rent yield | 8.1% | 7.2% | 6.3% |
| Price-to-rent ratio | 12.3 | 13.9 | 15.8 |
| Mortgage P&I, typical home | $957 | $1,103 | $2,012 |
Run the numbers
Rental property calculator
Cash flow on a typical Springfield rental, pre-filled.
Rent vs buy in Springfield
Which costs less over the years you'll stay.
Mortgage calculator
Monthly payment on a $174K home.
City figures are Zillow's typical home value (ZHVI) and observed rent (ZORI). Gross yield is before expenses. Data refreshed Oct 26, 2026.