Date ArticleType
6/4/2013 General
Springfield named one of 10 “cheapest places to live”

Springfield has been named one of 10 “cheapest places to live” according to Kiplinger’s Personal Finance Magazine.

The study was performed by the magazine and is based on the Council for Community and Economic Research's calculations of living expenses in 307 urban areas. Its Cost of Living Index measures prices for housing, groceries, utilities, transportation, health care, and miscellaneous goods and services. The study screened out cities with population below 50,000. All ten finalists, while different in many ways, shared one overarching similarity: super-affordable housing options for renters and homeowners alike.

Springfield is listed eighth on the list with its cost of living sitting at 12.3 percent below average, a median household income of $48,022 and a median home value at $114,100.

The magazine said the following about Springfield: “Abraham Lincoln, the president whose image graces the humble penny, slept here -- a good omen of the Illinois capital's affordability. The median home value falls an enviable 39% below the U.S. median. More telling, you can buy a house in Springfield for less than half the cost of a house in Chicago. Dollars stretch even further thanks to modest utility costs (electricity, phone service and the like), which fall 15.2% below the national average.”

To see who else landed on the list, check out the following link: