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Mortgage Rates in Missouri

Published Feb. 23, 2024
Kimberly Rotter, AFC®
By: Kimberly Rotter, AFC®

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Nathan Alderman
Check IconFact Checked Nathan Alderman

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Purchasing a home requires a mortgage for most people. Since there are many different mortgage lenders -- including banks, credit unions, and online lenders -- every would-be home buyer should shop carefully for the best mortgage rates. Check out this guide to some of the most affordable areas in the state to purchase your home.

Choosing the right place to purchase your home and the right mortgage lender can ensure you don't pay more than you can afford, and keep your monthly payments comfortably within your budget.

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 No. 51 on its list of cities with the most affordable cost of living in America, and its median home value of just $118,100 -- well below the national average of $217,500 -- is one reason. While just 42% of residents here own their own homes, property tax rates in Greene County are fairly low among Missouri cities. According to, they average 0.77% of a property's assessed fair market value.

2. St. Louis

St. Louis is the 65th 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 $138,700, just 44% 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 No. 76 on the list of cities with a low cost of living, as well as No. 64 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 $154,600. 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 comes in at No. 27 on Niche's list of the best cities to buy a house in the U.S. The median home value here is $191,800, a decent amount below the national average of $217,500. 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

5. Kennett

Kennett doesn't qualify as a city, but this town of 10,062 is an affordable alternative to living in an urban area. In fact, it's No. 16 on the list of places in Missouri with the most affordable cost of living. In Kennett, the median home value of just $91,600 is far below the national median and helps to explain why 56% 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.

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