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Springfield city, MA

ZIP 01118 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 01118

Median Home Value
$243,800
Median Rent
$1,091
Affordability Snapshot
$67,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,566/mo PITI).

16%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.0x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

18.6 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 01118 in Springfield city, MA, a household would need roughly $67,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,566. That sits below the local median household income ($80,906), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Mostly owner-occupied, low vacancy — stable housing market.

Heating Fuel
Housing Metrics
Owner Occupied
78.4%+20% vs US avg
x
Vacancy Rate
2.7%-74% vs US avg
x
Broadband Access
92.2%+6% vs US avg
x
4+ Bedrooms
3.2%-79% vs US avg
x
Built Pre-1939
16.8%+31% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
23.6%-52% vs US avg
x
Mortgage-Free
28.1%-26% vs US avg
x
$243,800
Home Value
$1,091
Rent
1955
Year Built
2009
Moved In

Residents have lived here since ~2009 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached79.5%
  • 1-unit attached5.6%
  • 2-9 units12.6%
  • 10+ units2.3%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$243,800
Median rent$1,091
Owner-occupied78.4%
Vacant2.7%
Price-to-income3.0x
Est. income to buy$67,000