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How Much Will Your Mortgage Be in Missouri?

Missouri is a state in the Midwestern U.S. with a population of approximately six million residents. It is the 18th most populous state and sits just outside the top ten for homeownership affordability. If you want to move to Missouri, see First-time Homebuyer Guide for Missouri. Also, see FHA Loan in Missouri for details and requirements for a home in the state.

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Missouri Home and Mortgage
Stats to Know

County Avg. Home Price Avg. Days on Market
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Source of Info PropertyPath

Factors That Can Affect Your Missouri Mortgage Calculations

Home Prices in Missouri

Home values have gone up 3.9% over the past year in Missouri, according to information gathered by Zillow. The current median listing for homes is $185,950.

With just shy of 500,000 residents, Kansas City is the most populous city in the state. Home prices have gone up 4.3% over the past year with the current median price of homes listed at $199,000.

Above Mark Twain National Forest and on the border of Illinois is the city of St. Louis. The median price of homes currently listed in St. Louis is $149,900 with an average sale price of $154,300.

Springfield is the third most populous city in Missouri. Located in the southwest region of the state, Springfield’s housing market has experienced incredible growth over the past year with home values rising 6.8%. The median price of homes currently listed is $161,900. Between Kansas City and St. Louis toward the north of the state is the city of Columbia. Columbia has a population close to 120,000, making it the fourth most populous city in the state. Homes in Columbia are more expensive than the other cities. The median listing for a home in Columbia is $224,950.

Property Taxes in Missouri

Missouri’s property tax rate is lower than the national average of 1.08%. Counties in Missouri collect on average a rate of 0.91% of a property’s assessed fair market value with homeowners paying a median of $1,265 annually.

Missouri Job Stats to Consider

Missouri is home to many major industries such as aerospace, food processing, chemicals, financial services, transportation equipment, electrical equipment, beer and many more. Missouri also has a strong agricultural industry as well as a large number of residents employed in home health and personal care sectors.

The median household income according to the 2018 Census was $54,478, lower than the national recorded average of $61,937. In January 2020, the Bureau of Labor Statistics recorded the rate at 3.5%, slightly less than the national average of 3.7%.

Missouri’s income taxes range from 0% to 5.4%. Residents in Kansas City and St. Louis are required to pay an additional 1% in earnings tax. The statewide sales tax is 4.23% in 2020. Additional local rates fall between 0.5% and 6.125%.

Missouri Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Missouri Costs That Can Affect Missouri Mortgage Calculations

Homeowners Insurance in Missouri

Missouri homeowner’s insurance rates are slightly higher than national averages. Ultimately, your premium will depend on your location, home’s size, and your assets. The state has seen an increase in thunderstorms over the past few years, which has raised insurance rates. From time to time, Missouri experiences tornadoes in the summer and snowstorms in the winter. Most homeowner’s insurance policies will cover theft, fire, wind, storms, and damage caused by falling trees in the event of a storm. They may not cover the cost to rebuild your home if it has been entirely destroyed by wind, rain, or snow. Be sure to take appropriate measures to protect your home from Missouri’s weather conditions and check your policy for what is covered.

Closing Costs

Closing costs in Missouri typically fall between 0.93% and 1.86% of the final home sale price. Most homes are purchased between $100,000 and $200,000 so buyers can estimate their closing costs to range somewhere between $928 and $3,712 after taxes. The average amount paid in closing costs is $1,856 after taxes.

Title Insurance

Title insurance is a necessary purchase when buying a home. A one-time payment of a title insurance premium protects the owner and mortgage lender against any future unforeseeable claims that might incur regarding the property’s title. These claims may be overlooked at the time of purchase and surface at a later date. Your lender will usually require a policy that equals the amount of the loan. The nationwide average cost for title insurance is $1,000.

Real Estate Transfer Tax

Missouri is one of 13 states in the U.S. that does not impose real estate transfer tax at a state or local level.

Home Inspection

Home inspections are a necessary part of the buying process to ensure the property being purchased is structurally sound. The average cost of a home inspection in Missouri is $288.22 for a 2,000 square foot home. However, this will vary greatly dependent on location and square footage of the home.

During an inspection, the foundation, roofs, basements, plumbing, electrical aspects, grounds, fireplaces, heating, and cooling systems of a home are assessed to determine their safety. Other tests that are not included in a general inspection such as termites, pests, mold, and radon can be carried out for an additional cost.

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