Key Economic Benchmarks
Median Household Income
$66,064$5,505 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Springfield, IL
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Springfield, IL
Official FY2026 HUD Fair Market Rents for Springfield, IL MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $829 | $9,948 | $33,160 | 15.1% |
| 1-Bedroom Apartment | $970 | $11,640 | $38,800 | 17.6% |
| 2-Bedroom ApartmentBenchmark | $1,203 | $14,436 | $48,120 | 21.9% |
| 3-Bedroom Home | $1,611 | $19,332 | $64,440 | 29.3% |
| 4-Bedroom Home | $1,682 | $20,184 | $67,280 | 30.6% |
50/30/20 Living Budget in Springfield, IL
Based on the local median household income of $66,064/year ($5,505/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Illinois
Explore net income after federal income tax, FICA, and Illinois state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Illinois with official federal datasets:
Frequently Asked Questions About Living in Springfield, IL
What is the median household income in Springfield, IL?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Springfield, IL is $66,064 per year (approximately $5,505 per month).
What is the average rent in Springfield, IL?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Springfield, IL are $829 for a studio, $970 for 1 bedroom, $1,203 for 2 bedrooms, $1,611 for 3 bedrooms, and $1,682 for 4 bedrooms.
How does the cost of living in Springfield, IL compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Springfield, IL is 92.7 (7.3% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Springfield, IL?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,203/month) in Springfield, IL requires a minimum gross household income of $48,120 per year ($4,010 per month).
What is a balanced 50/30/20 monthly budget in Springfield, IL?
For a typical household earning the median income of $66,064/year ($5,505/month) in Springfield, IL, a balanced 50/30/20 budget allocates $2,753/month to essential needs (rent, utilities, groceries), $1,652/month to discretionary spending, and $1,101/month to savings and debt repayment.
What are typical electricity and utility costs in Springfield, IL?
Residential electricity rates in Illinois average 19.9¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $179 per month.