5 affordable places to live in Missouri
Missouri offers plenty of low-cost places to purchase a home. Here are five of the most affordable.
1. Springfield
Springfield is Missouri's most affordable city. Niche ranks it number 72 on its list of cities with the most affordable cost of living in America, and its median home value of just $115,200 -- well below the national average of $184,200 -- is one reason. While just 44% of residents here own their own homes, property tax rates in Greene County are fairly low among Missouri cities. According to Tax Rates.org, they average 0.77% of a property's assessed fair market value.
2. St. Louis
St. Louis is the 83rd most affordable city in America in terms of cost of living, and it's also been recognized as one of the best cities for young professionals. It's perhaps best known for the Gateway Arch, a monument to American expansionism, but it also provides great recreational opportunities, including Forest Park and the Missouri Botanical Gardens, plus the City Museum, which has a discovery center and a playground. However, despite a low median home value of $131,900, just 43% of residents of this urban area own their own homes. The city of St. Louis has an average property tax rate of 0.92% of assessed value, so it's more expensive than Springfield -- but still less costly than some of the other places on this list.
3. Kansas City
Kansas City has a higher population than Springfield or St. Louis. It's number 86 on the list of cities with a low cost of living, as well as number 61 on the list of best places to live in America. The majority of residents -- 53% -- own their homes here, and the median value is fairly low at $148,500. However, property taxes in Jackson County are some of the highest in the U.S., with an average rate of 1.27% of a property's assessed fair market value. The high property taxes may not deter you if you enjoy taking advantage of the attractions Kansas City has to offer, including the Kansas City Zoo and the Nelson-Atkins Museum of Art.
4. Columbia
Columbia is Missouri's fourth most affordable city, and comes in at number 107 for lowest cost of living in America. It's also been recognized as the 28th-best city in which to live and the 23rd-best place to raise a family (out of 228 American cities). The median home value here is $185,700, just over the national average of $184,700. Although only 47% of residents own their homes, property taxes in Boone County are relatively affordable at 0.91% of a property's assessed fair market value, according to Tax Rates.org.
5. Kennett
Kennett doesn't qualify as a city, but this town of 10,225 is an affordable alternative to living in an urban area. In fact, it's number 36 on the list of places in Missouri with the most affordable cost of living, following primarily smaller towns with very low populations. In Kennett, the median home value of just $91,100 is far below the national median, and helps to explain why 58% of residents own their homes. Property taxes here are among the lowest in the country, coming in at 0.81% of assessed fair market value.
While these five locations may not be right for you depending on your needs, remember to shop carefully for a home within your price range, and to get quotes from at least three mortgage lenders. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
