Springfield, VA

Very High · 188

Virginia · Population 30,894 · Updated March 2026

$2,643
Median Rent / Month
$123,691
Median Income
$622,200
Median Home Value
$2,529
Owner Costs / Month

Affordability

How far your income goes in Springfield

25.6%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Virginia

State-level tax rates that affect your costs

5.75%
Income Tax (Top Rate)
5.3%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$31,716
Annual Rent
$7,112
State Income Tax
$4,978
Property Tax (est.)

Cost of Living Overview

Springfield has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 188 (where 100 equals the national median), Springfield residents can expect to pay median rent of $2,643/month while earning a median household income of $123,691/year.

The median home value in Springfield, VA is $622,200, with typical monthly owner costs around $2,529 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.6%, Springfield falls within the generally affordable range, though it's approaching the 30% burden threshold.

Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Springfield.

Frequently Asked Questions

Common questions about living costs in Springfield

What is the cost of living in Springfield, VA?
The cost of living index in Springfield, VA is 188 (US average = 100). Median monthly rent is $2,643, median household income is $123,691/year, and the median home value is $622,200.
Is Springfield, VA affordable?
No, Springfield is more expensive than the national average with a cost index of 188. The rent-to-income ratio is 25.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Springfield, VA?
The median gross rent in Springfield, VA is $2,643 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $31,716.
What is the median household income in Springfield?
The median household income in Springfield, VA is $123,691 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Virginia?
Virginia has a top income tax rate of 5.75%, a sales tax of 5.3%, and an effective property tax rate of 0.8%.