If you're looking to purchase a home, Springfield is among the best locations for your budget. That's according to the data analysis site WalletHub.com, which ranked Springfield 9th out of 300 cities, on its list of Most Affordable Cities for Homebuyers. Springfield was just ahead of Palm Bay, Florida and just behind Yuma, Arizona.
Ten metrics were used to come up with the rankings, including cost of living, property taxes and insurance costs. While Springfield fared the best in Illinois, Peoria and Rockford were also in the top 30.
The bottom five cities that were the least affordable for home buyers were all in California and included Los Angeles.
Home prices shot up during the pandemic. Coupled with interest rate increases, the dream of owning one's home has become less affordable.
When looking solely at the median price of a house, divided by median household income, Springfield ranks first on the list, with Peoria in second.
