Springfield, IL
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
affordable
Price to income
2.29×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Illinois
- 2.49×-0.19
- vs U.S.
- 3.43×-1.14
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
19.4%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Illinois
- 20.6%-1.3
- vs U.S.
- 23.3%-3.9
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
5.48%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Illinois
- 5.30%+0.18
- vs U.S.
- 4.35%+1.14
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.08%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Illinois
- -0.07%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
1.02
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Illinois
- 1.23
- vs U.S.
- 3.53
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
5.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Illinois
- 5.6%-0.3
- vs U.S.
- 4.5%
Benchmark
BLS LAUS, latest month
investor-heavy market
Investor loan share
16.4%
2,660 purchase loans · 16.3% denial rate · 2024
Share of financed home purchases going to investors. Above ~15% means landlords are outbidding owner-occupants; below ~8% is owner-dominated.
Benchmark
Investor purchase loans ÷ all purchase loans (CFPB HMDA LAR, annual)
Where prices are and where they've been
5-year price appreciation
+43.6%
homeValues.yearOverYear
+4.5%
Median home value
$171,100
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $970 | $11,640 | 15.6% |
| 2 BR | $1,203 | $14,436 | 19.4% |
| 3 BR | $1,611 | $19,332 | 25.9% |
Labor market direction
Unemployment
5.3%
Median household income
$74,580
What's being built
Total TTM
212
Single-family
175
2–4 unit
32
5+ unit
5
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Sangamon County | 196,122 | $170,300 | $74,114 | 201 | |
| Menard County | 12,284 | $179,300 | $81,334 | 11 | +57.1% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Springfield | 208,406 | $74,580 | 2.29× | 5.48% | +43.6% | 1.02 | 5.3% |
| Gainesville, GA | 204,953 | $77,430 | — | — | +70.6% | — | 2.5% |
| St. Cloud, MN | 199,922 | $75,670 | — | — | +42.3% | — | 4.9% |
| Racine, WI | 197,068 | $75,331 | — | — | +58.0% | — | 3.6% |
| Columbia, MO | 211,078 | $69,463 | — | — | +56.3% | — | 2.6% |
| Medford, OR | 222,604 | $71,443 | — | — | +32.7% | — | 5.5% |
Where people are moving in from
Net migration
-168
-0.08% of population
| Origin county | Tax returns |
|---|---|
| Cook County, IL | 285 |
| Sangamon County, IL | 174 |
| Macon County, IL | 148 |
| Menard County, IL | 143 |
| Macoupin County, IL | 139 |
| Morgan County, IL | 138 |
Who lives in Springfield
- Median age
- 41
- Bachelor's+
- 34.6%
- Owner-occupancy
- 71.1%
- Vacancy rate
- 9.4%
- Rent burdened (30%+)
- 41.3%
- Median household income
- $74,580
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.
Data sources
| Metric | Source | Vintage |
|---|---|---|
| rent vs buy | HUD FMR + Census ACS + FRED MORTGAGE30US | current FY |