Springfield has a lot going for it.
Our economy is growing. Businesses are investing here; major projects are moving forward, and people across the region still believe Springfield is a good place to build a business, raise a family, and make a life.
Springfield has long benefited from being an affordable place to live. The question now is whether housing remains attainable for the people who want to build a life and career here.
Consider what that looks like in today’s market. The median new home in the Springfield metro area costs about $322,000, according to data provided by the Home Builders Association of Greater Springfield. An estimated household income of more than $94,000 is needed to qualify for that home, putting it out of reach for two-thirds
of households in our metro area.
Even a small price increase matters. The same analysis estimates that every $1,000 added to the price of a new home puts homeownership out of reach for another 328 Springfield area families.
The rental market tells a similar story. According to the City of Springfield’s most recent housing assessment, more than 10,500 renter households spend more than half of their income on housing.
This is what housing attainability means in practical terms. It’s not simply whether Springfield remains less expensive than other communities, but whether people who live and work here can realistically find a home that fits their needs and budget.
The numbers tell part of the story, but the issue is bigger than a housing report. Housing impacts a young person wondering if there’s a path from renting to owning here. A family trying to find a place that fits. A recent graduate deciding whether a job offer in Springfield makes financial sense.
And it matters even if you're not personally looking for a new place to live.
Housing shapes the lives of people who keep our community running every day. We want teachers to be able to afford homes near the schools where they work, and nurses, construction, and restaurant workers to find homes that work for their families.
We’re not simply talking about this challenge. We’re studying communities that have found ways to thrive while keeping the cost of living steady and cost of housing within reach. We're looking at what they are doing well, how they have increased housing supply, and how they have reduced barriers that add unnecessary time or cost to build it.
The goal is not to copy another city's process. It’s to learn from places that are balancing economic growth and affordability and apply those lessons in a way that makes sense for Springfield.
That’s why housing is more than a real estate issue. It is an economic development issue.
Jonas Arjes is senior vice president of economic development at the Springfield Area Chamber of Commerce.
This article originally appeared on Springfield News-Leader: Ensuring homeownership isn't out of reach in Springfield | Opinion
