1st Advantage MortgageA DSCR loan in Springfield turns on rent versus payment. Citywide medians from the Census are $851 a month for rent, $116,800 for home value and $1,423 a year for real estate taxes.
Springfield rents, values and tenants
For Springfield, the latest five-year ACS shows a median gross rent of $851 (about 18% below the Ohio median of $1,034) and a median owner-occupied value of $116,800 (well below the Ohio median of $214,800). Put the two medians together and Springfield shows a gross yield of 8.7%, a higher-yield profile than most markets in this region. Because the rent number covers apartments as well as houses, expect single-family rentals to land above or below it.
| Indicator | Ohio | Springfield | Difference |
|---|---|---|---|
| Persons per household | 2.37 | 2.27 | |
| Share in 2-4 unit buildings | 7.9% | 9.0% | +13% |
| Share of homes detached | 68.8% | 64.1% | -7% |
| Long commuters, 45 min plus | 10.8% | 11.8% | +9% |
| Degree holders, age 25+ | 31.5% | 16.7% | -47% |
| Units sitting vacant | 8.1% | 11.2% | +38% |
| Typical construction year | 1970 | 1953 | |
| Annual rent divided by value | 5.8% | 8.7% | +51% |
| Households that rent | 32.8% | 47.6% | +45% |
| Tax as a share of home value | 1.31% | 1.22% | -7% |
| Annual property tax bill, median | $2,822 | $1,423 | -50% |
| Household income, median | $71,389 | $47,143 | -34% |
| Typical owner-occupied value | $214,800 | $116,800 | -46% |
| Typical monthly rent | $1,034 | $851 | -18% |
| Residents (Census estimate) | 11,810,293 | 58,190 |
47.6% of Springfield households rent, well above the Ohio median of 33%. That is a healthy base of tenants without the churn of a pure student or military town. Median household income of $47,143 (well below the Ohio median of $71,389) sets the ceiling for rent growth, and 46% of renters already spend 30 percent or more of income on rent.
Housing mix and age in Springfield
Detached houses are 64% of all units in Springfield. That mix favors single-family rentals and makes small multifamily scarcer and, sometimes, more valuable. With a median build year of 1953, older roofs, plumbing and electrical are the norm and inspection findings drive the numbers.
Vacancy is a quiet driver of rent. 11% of homes are vacant citywide and 2.4% of the rental inventory was listed for rent when the Census surveyed.
What stands out in Springfield
At 8.7% gross, Springfield sits toward the higher-yield end of the markets we track, which helps the ratio but can signal neighborhoods where condition and turnover need close inspection. With homes this old, a pre-offer inspection is not optional in Springfield. Renters are 48% of households, which gives investors a real tenant base to market to.
Taxes and risk in Springfield
Tax drag is easy to underestimate. Springfield owners report a median $1,423 in annual real estate taxes, well below the Ohio median of $2,822, an effective 1.22% of median home value. That is about 14% of a year of median rent gone to taxes before the loan is even counted.
Clark County carries a relatively low overall rating in FEMA's National Risk Index, where ice storms (relatively high), riverine flooding (relatively moderate) and tornadoes (relatively moderate) rank highest.
| Hazard in Clark County, FEMA index | Level |
|---|---|
| Hail exposure | Relatively Moderate |
| Tornadoes exposure | Relatively Moderate |
| Riverine flooding exposure | Relatively Moderate |
| Ice storms exposure | Relatively High |
| Social vulnerability score | Relatively Moderate |
| Annualized loss estimate | Relatively Low |
| Composite risk | Relatively Low |
Standard landlord policies usually exclude flood, and coastal ones can add a separate wind deductible, so ask the agent for Springfield exclusions before trusting a premium estimate.
Running the numbers in Springfield
Worked through with this city's own medians: rent of $851 against taxes of about $119 a month leaves $732 for principal, interest, insurance and dues at a 1.00 ratio, and $562 at a 1.25 ratio. That arithmetic is the whole game, and the real rent and quotes for your address replace these medians.
Legal checks before a Springfield purchase
This page does not claim to list every Springfield rental ordinance. Before you buy, call the city's planning or code office and Clark County to ask about rental registration, inspections and short-term rental permits, and read any association declaration. For Springfield short-term hosts, one state-level point stands out. Ohio's lodging tax covers transient guests who rent for fewer than 30 consecutive days, including Airbnb and VRBO style rentals, and counties may levy an additional lodging tax that operators register for and file under that county's rules.
For a Springfield lease, the Ohio deposit rule is No statutory cap, as set out in Ohio Rev. Code § 5321.16. For month-to-month tenants in Ohio, the landlord's termination notice is 30 days. A Springfield landlord must handle the deposit within 30 days after move-out under Ohio law.
Springfield compared with nearby markets
Looking across the table, values run from $100,600 (Dayton) up to $563,500 (Dublin), and Springfield lands at $116,800.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Hamilton | 46% | $1,761 | $165,200 | 63,468 | $1,007 |
| Columbus | 56% | $3,341 | $252,900 | 914,802 | $1,295 |
| Dublin | 23% | $10,001 | $563,500 | 49,294 | $1,686 |
| Dayton | 52% | $1,673 | $100,600 | 136,579 | $918 |
| Springfield | 48% | $1,423 | $116,800 | 58,190 | $851 |
Tenants, jobs and anchors in Springfield
The self-employed share of the workforce is 7.6%, and those owners tend to be exactly the buyers DSCR financing was built for. Around the edges, government workers are about 9% of employment, 17% of adults hold a bachelor's degree or higher and 12% of commuters travel 45 minutes or more.
Wittenberg University and Clark State College are the named colleges for the Springfield area, a source of steady tenants but also of a lease cycle that follows the academic calendar. Springfield offers air service through Springfield-Beckley Municipal Airport and Dayton International Airport, details that affect commute times and how easily a distant investor can inspect a property.
Moving from numbers to a Springfield loan
A good Springfield file has four pieces: rent evidence, a tax estimate, an insurance quote and cash. Preview the ratio in the calculator, then apply or talk to us.
More Ohio markets
- All Ohio DSCR loans
- DSCR loans in Dayton, OH
- DSCR loans in Dublin, OH
- DSCR loans in Columbus, OH
- DSCR loans in Hamilton, OH
- Every market we cover
Where we checked
- Springfield on Wikipedia
- Deposit statute: Ohio Rev. Code § 5321.16
- Ohio Revised Code 5739.09
- Ohio Administrative Code 5703-9-64 (Ohio)
- U.S. Census Bureau data for Springfield
- National Risk Index entry, Clark County
All Springfield statistics are ACS five-year survey estimates from 2020 to 2024. Deposit and notice summaries come from RedFlagLease (CC BY 4.0) and the linked Ohio sections. Reviewed in October 2026, with no promise that rules have stayed put.
Pre-offer checklist
On a Springfield purchase, line up the lease, the tax estimate, the insurance quote and any association dues before the appraisal is ordered, and ask the appraiser's office what rent comparables they plan to use.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
How is Springfield rent documented for a DSCR loan?
Underwriters take the lease if one exists and compare it with the appraisal's rent estimate; the lower figure often governs. Springfield median rent is $851.
Does the ratio in Springfield include taxes and dues?
Taxes, insurance and dues are inside the payment the lender tests. Run $851 through a 1.25 ratio and the ceiling is about $681; subtract $119 for median taxes and $562 remains.
What tax bill should I expect on a Springfield rental?
The Census reports a median of $1,423 a year for Springfield owners, about 1.22% of median value against 1.31% for Ohio. The county reassesses after a sale, so ask the tax office for an estimate on your purchase price.
Is short-term rental income allowed for a Springfield DSCR loan?
Yes on programs built for it, once the use is lawful in Springfield. Gather twelve months of statements or a third-party projection, and have Ohio tax registration squared away.
Are there deposit limits for Springfield rentals?
Ohio limits deposits this way: No statutory cap. Return is due within 30 days after the tenant leaves. The governing section is Ohio Rev. Code § 5321.16.
What does FEMA say about hazard risk near Springfield?
At the county level FEMA calls overall risk relatively low. Insurance, not the index, shows up in the ratio, so price a policy for the Springfield address.
Should a Springfield rental be bought in an LLC?
Not required. An LLC borrower is routine for investor programs, with entity paperwork and a guaranty. Form the company before you go under contract in Springfield.