Springfield, Ohio Housing Market Prices
Springfield Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 38% below the Ohio median$86,430
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Median rent 18% below the Ohio median$849
Housing Market Overview
| Metric | Springfield | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $86,430 | $139,044 | $248,835 |
| Price Trend (Annual %) | 11.5% | 6.7% | 7.5% |
| Median Gross Rent | $849 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 3.1% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Springfield is about 38% lower than in Ohio. Rent is about 18% lower than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Springfield, up about 11.5% and 3.1% a year respectively. Home prices are changing faster.
Median rent in Springfield rose about 31.8% between 2015 and 2024, from $644 to $849. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Springfield.
Buying the median-priced home in Springfield costs roughly 8.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Springfield. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Springfield | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $86,430 | $139,044 | $248,835 |
| Median Household Income | $47,587 | $71,509 | $80,455 |
| Price-to-Income Ratio | 1.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Springfield rose about 60.0%, while median household income rose about 31.2% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Springfield | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.8% | 61.7% | 58.5% |
| Rental Rate | 41.8% | 30.1% | 31.2% |
| Vacancy Rate | 11.5% | 8.1% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Springfield has a homeownership rate of 46.8%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 11.5%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Springfield | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.28 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1954 | 1970 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Springfield was built around 1954. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Springfield, Ohio.
What is the median home price in Springfield, Ohio?
The median home price in Springfield, Ohio is $86,430, lower than the Ohio average of $139,044.
What is the average home price in Springfield, Ohio?
The typical home price in Springfield, Ohio, reported as the median sale price, is $86,430. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Springfield, Ohio?
The median gross rent in Springfield, Ohio is $849 per month, lower than the Ohio average of $1,033.
What was the median gross rent in Springfield in 2020?
In 2020, the median gross rent in Springfield, Ohio was $726 per month.
What is the price-to-rent ratio in Springfield, Ohio?
The price-to-rent ratio in Springfield, Ohio is about 8.5, meaning it would take roughly 8.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Springfield.
Are home prices or rent rising faster in Springfield, Ohio?
Both home prices and rent are rising in Springfield, up about 11.5% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Springfield, Ohio?
46.8% of households in Springfield, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Springfield, Ohio?
The housing vacancy rate in Springfield, Ohio is 11.5%, higher than the Ohio average of 8.1%.
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