Ah, Missouri. The house of the Gateway Arch, ragtime music, and many confusion about which state Kansas Metropolis is a part of. (Spoiler: Its metropolitan space spreads over each Missouri and Kansas.)
In case you’re contemplating a transfer to the Present-Me State, you in all probability have an necessary query in your thoughts: Can I afford to stay there? That will help you reply that query—and make a assured determination about whether or not it’s best to keep put or begin loading a shifting truck—we’re going to interrupt down the price of dwelling in Missouri.
We’ll do it by how a lot you may count on to pay for housing, groceries, transportation, well being care and different widespread bills. Let’s dive in!
What’s the Common Value of Dwelling in Missouri?
The price of dwelling in Missouri is 10% decrease than the nationwide common, which makes it a extra reasonably priced place to stay than many different states.
The place’d we get that quantity? We seemed on the 2023 Value of Dwelling Index from The Council for Group and Financial Analysis, which in contrast the price of dwelling in Missouri to the remainder of the U.S.1 All of the numbers on this article come from the autumn 2023 version index until in any other case famous.
Value of Dwelling in Missouri by Main Metropolis
Questioning in regards to the particular value of dwelling in St. Louis or any of Missouri’s different huge cities? We’ve received you lined. Right here’s a breakdown, with cities organized by inhabitants:
|
Main Metropolis |
Value of Dwelling vs. Nationwide Common |
|
Kansas Metropolis |
6% decrease |
|
St. Louis |
11% decrease |
|
Springfield |
14% decrease |
|
Columbia |
8% decrease |
|
Joplin |
16% decrease |
|
Cape Girardeau |
5% decrease |
Value of Dwelling in Missouri by Expense Class
The prices of particular, particular person bills like housing, utilities, transportation and well being care additionally play right into a state’s affordability. So, let’s break down the price of dwelling in Missouri by a few of the commonest expense classes you’ll wish to embody in your finances.
|
Expense Class |
Value vs. Nationwide Common |
|
Groceries |
3% decrease |
|
Housing |
21% decrease |
|
Utilities |
3% decrease |
|
Transportation |
5% decrease |
|
Well being Care |
11% decrease |
|
Miscellaneous Items and Providers |
7% decrease |
Value of Housing in Missouri
Missouri’s median dwelling itemizing value towards the tip of 2023 was $289,900, and the median lease for a two-bedroom condominium was $1,015. For comparability, the median dwelling itemizing value throughout the U.S. in that timeframe was $420,000, and the nationwide median lease for a two-bedroom condominium was $1,317.2,3
Right here’s the deal, although: Housing in some Missouri cities is cheaper than that, and getting right into a home or condominium is way pricier in different cities. So the worth you’ll pay for housing in Missouri will rely upon which metropolis you select to stay in.
To provide you a good suggestion of the vary, right here’s a take a look at how a lot it prices to purchase a house or lease an condominium in a few of the greatest cities and finest locations to stay in Missouri.
|
Metropolis |
Median Residence Itemizing Value |
Median Lease |
|
Kansas Metropolis |
$399,9254 |
$1,3105 |
|
St. Louis |
$275,0006 |
$1,2007 |
|
Springfield |
$314,9998 |
$1,2259 |
|
Columbia |
$384,72510 |
$1,05011 |
|
Joplin |
$256,38212 |
$95013 |
|
Cape Girardeau |
$262,47514 |
$96515 |
Different Prices to Hold in Thoughts
Housing isn’t the one factor you’ll should pay for in the event you transfer to Missouri! Let’s dive into a few of the different bills you’ll want to bear in mind, together with groceries, transportation, well being care, taxes and different miscellaneous bills.
Groceries
Shopping for groceries in Missouri prices 3% lower than the nationwide common. Inquisitive about how a lot you’d pay in Missouri for the objects that at all times wind up in your grocery listing? The standard half gallon of milk in Missouri will value you $3.98, a pound of floor beef runs about $5.93, and the typical value of a dozen eggs is $3.54.
Discover knowledgeable brokers that can assist you purchase your house.
Transportation
Getting from place to put in Missouri is fairly reasonably priced. That’s as a result of the state’s typical transportation prices are 5% decrease than the nationwide common, and the typical value for a gallon of fuel is $3.40—greater than 1 / 4 lower than the nationwide common of $3.68.
Well being Care
Everybody loves paying medical payments! Okay, perhaps not. However well being care bills are unavoidable—until you’re planning to attempt the entire “an apple a day” factor as a loophole. Right here’s how a lot you may count on to pay in Missouri for a go to to your main care physician, dentist or eye physician, in addition to basic medication prices.
|
Well being Care Expense |
Common Missouri Value |
Nationwide Common |
Distinction |
|
Basic Physician |
$114.96 |
$133.50 |
14% much less |
|
Dentist |
$99.29 |
$113.26 |
12% much less |
|
Eye Physician |
$115.71 |
$124.85 |
7% much less |
|
Prescription Drug |
$421.01 |
$467.33 |
10% much less |
Taxes
Taxes in Missouri are a little bit difficult, so don’t really feel unhealthy if it’s important to learn this part greater than as soon as to get it. Right here’s a breakdown:
- State revenue tax: Missouri makes use of a graduated system for its state revenue tax, which suggests the quantity you pay will increase as your revenue goes up. The charges vary from 2% to 4.95%. Some cities additionally gather native revenue taxes.
- Gross sales tax: Missouri’s state gross sales tax charge is 4.225%, and the max native charge is 5.763%. The typical mixed gross sales tax charge throughout the state is 8.33%.16
Miscellaneous Items and Providers
A number of bills don’t match into a much bigger class, so we’ll take a fast take a look at a few of these right here. In Missouri, consuming at a pizza restaurant prices $10.83 (in comparison with the U.S. common of $12.02), getting a haircut runs $21.58 ($23.93 U.S. common), and shopping for a brand new gown shirt units you again $34.46 on common ($36.42 U.S. common).
Can You Afford to Stay in Missouri?
Likelihood is, you might have one huge query in your thoughts at this level: Can I afford to stay in Missouri? Sadly, we are able to’t provide you with a tough and quick reply as a result of it will depend on your particular person state of affairs—your revenue, the scale of your loved ones, and which metropolis you select to stay in will all have an effect.
So that you’ll must crunch the numbers your self to see whether or not you may afford the price of dwelling in Missouri. Probably the greatest methods to try this is through the use of our free Value of Dwelling Calculator. It’ll allow you to plug in your present metropolis (or a close-by metro space) and examine it with main cities in Missouri.
Once you’re whether or not Missouri’s housing prices would slot in your finances, keep in mind the 25% rule: Your month-to-month housing fee as a renter or home-owner needs to be not more than 25% of your take-home pay. Something greater than that, and also you run the danger of paying an excessive amount of for housing and never having sufficient cash left over for different necessary objects in your finances.
You should utilize our free mortgage calculator to get a good suggestion of which dwelling costs would match inside your finances.
Able to Transfer to Missouri?
If the numbers work out and also you’ve determined that shifting to Missouri is one of the best determination for you and your loved ones, that’s superior!
Earlier than you hit the highway, you’ll want to start out working with a reliable, skilled actual property agent in Missouri in the event you’re planning to purchase a house.
A professional who is aware of the native housing market just like the again of their hand could make the shopping for course of a lot smoother by instructing and main you from starting to finish. And that’s an enormous deal, as a result of let’s face it—shifting to a brand new state isn’t straightforward!
Our community of RamseyTrusted actual property brokers features a ton of nice professionals in Missouri. They’ve all been vetted by our staff to verify they’ll serve you with excellence and prioritize your wants.
