Lakewood vs Springfield
Cost of Living Comparison · 2026
Lakewood
Springfield
The Verdict
The cost gap between these cities is 58.3%, with Springfield being the more affordable option. A $75,000 income in Lakewood has equivalent purchasing power to $47,368 in Springfield.
Category-by-Category Breakdown
Index values · National average = 100 · Lower is more affordable
Salary Equivalence
A $75,000 salary in Lakewood has the same purchasing power as $47,368 in Springfield.
Conversely, $75,000 in Springfield equals $118,750 in Lakewood.
Living in Lakewood vs Springfield
Housing Costs
Lakewood's housing index of 188 is higher Springfield's 67, translating to median home prices of $574,000 vs $225,000. The $349,000 difference in home prices means roughly $22,680 per year in additional mortgage costs at current rates. Renters face a similar gap: $1,850/mo in Lakewood compared to $950/mo in Springfield, a monthly difference of $900.
Grocery & Food Costs
Grocery expenses index at 101 in Lakewood and 94 in Springfield. A household spending the national average of $475/month on groceries would pay approximately $480/month in Lakewood vs $447/month in Springfield. Springfield offers a meaningful advantage on everyday food costs, saving roughly $396/year.
Utility Expenses
Utility costs — electricity, gas, water, internet — index at 85 in Lakewood and 79 in Springfield. Monthly utility bills average approximately $340 in Lakewood vs $316 in Springfield. Utility costs are relatively comparable between these two cities.
Healthcare
Healthcare costs index at 84 in Lakewood and 116 in Springfield. This encompasses insurance premiums, doctor visit copays, dental care, and prescription costs. The 32-point gap reflects real differences in provider costs, insurance market competition, and regional healthcare infrastructure.
Income & Purchasing Power
Median household income is $83,800 in Lakewood and $46,000 in Springfield. After adjusting for local costs, purchasing-power-equivalent incomes are approximately $63,008 and $54,762 respectively. Lakewood residents enjoy stronger real purchasing power despite higher nominal wages.
Relocation Considerations
Under the standard 28% rule, a median-income household can allocate $1,955/month to housing in Lakewood vs $1,073/month in Springfield. In Lakewood, median rent of $1,850/mo fits within this budget. In Springfield, median rent of $950/mo remains manageable. The biggest category-level difference between these two cities is Housing, where the gap is 121 index points — focus your budget analysis there.
Frequently Asked Questions
Moving & Relocation Resources
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