While all other things remain the same, we can all say that a less expensive place to live is better than a more expensive one. I’d rather pay $500 a month for rent than $1,000 a month. Also, I’d rather pay $2 for coffee than $5. There are some areas in Springfield that are definitely cheaper than others. It’s possible that every neighborhood in Springfield is more expensive than living in rural Massachusetts.
What are those Springfield areas where you can get that one-bedroom apartment instead of the studio because your money goes a little further? We didn’t want to rely on guesses and general opinion. Instead, we wanted to find out which Springfield neighborhoods are the cheapest by using Saturday Night Science.
The Cheapest Neighborhoods in Springfield
Pine Point
Population: 11,260
Cost Of Living Index: 100 (8th cheapest)
Home Value To Income Ratio: 3.2 (5th cheapest)
Rent To Income Ratio: 0.018 (2nd cheapest)
- IRS Grants Extra Time for 2024 Taxes to Kentucky’s April Storm Survivors
- Fed’s June Meeting: Rate Cuts Not in the Cards: What’s Next?
- Deadline Alert: Michigan Schools Must Act Fast with Federal Stimulus Funds
- How to Access VA Dependent Education Benefits with a 100% Disability Rating
- Big News for SSDI: Social Security Might Add $600 to Payments
Boston Road
Population: 4,589
Cost Of Living Index: 103 (14th cheapest)
Home Value To Income Ratio: 2.4 (cheapest)
Rent To Income Ratio: 0.018 (cheapest)
Sixteen Acres
Population: 21,955
Cost Of Living Index: 103 (14th cheapest)
Home Value To Income Ratio: 2.6 (3rd cheapest)
Rent To Income Ratio: 0.018 (3rd cheapest)
Also Read: Listing 7 Safest Neighborhoods in Chicago to Live
Indian Orchard
Population: 9,517
Cost Of Living Index: 100 (8th cheapest)
Home Value To Income Ratio: 3.4 (7th cheapest)
Rent To Income Ratio: 0.022 (6th cheapest)
East Forest Park
Population: 10,164
Cost Of Living Index: 103 (14th cheapest)
Home Value To Income Ratio: 2.5 (2nd cheapest)
Rent To Income Ratio: 0.023 (8th cheapest)
Memorial Square
Population: 4,481
Cost Of Living Index: 95 (4th cheapest)
Home Value To Income Ratio: 5.6 (12th cheapest)
Rent To Income Ratio: 0.032 (13th cheapest)
Metro Center
Population: 6,706
Cost Of Living Index: 94 (2nd cheapest)
Home Value To Income Ratio: 5.5 (11th cheapest)
Rent To Income Ratio: 0.035 (16th cheapest)
Study to Find the Cheapest Springfield Hoods
We had to use Saturday Night Science to figure out what “cheap” really means in order to rank the cheapest places to live in Springfield. With the help of Census and extrapolated BLS statistics, we came up with these criteria:
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
Based on these scores, we put each area in order, with 1 being the least expensive and 17 being the most expensive. Then, to make a cheap neighborhood index, we took the average of the rankings for each area. The last neighborhood we looked at was the “Cheapest City Neighborhood In Springfield.” It had the lowest “cheapest neighborhood index.” Pine Point, we’re looking at you.
This page has been changed for 2024. This is the fourth time we’ve ranked Springfield areas by how cheap they are to live in. To see a list of all the areas in the city, from least expensive to most expensive, skip to the end.
Leave a Reply