Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Missouri cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Missouri is worth $199,400. But across the 29 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from about $125,000 to nearly $450,000.
In any local market, home prices are often a reflection of what residents can afford. In Missouri, many of the least expensive cities for homebuyers are not high-income areas. Of the 29 places in Missouri with available data from the ACS, 13 have a median home value that is less than the statewide median. In all but one of these places, the typical household earns less than the statewide median household income of $65,920. Similarly, most of Missouri’s more expensive housing markets have higher earning populations.
Why It Matters
Source: Feverpitched / iStock via Getty Images
Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.
These are the cheapest and most expensive housing markets in Missouri.
29. Florissant
Source: Paul Sableman / CC BY 2.0
- Median home value: $125,200
- Homes worth over $1 million: 0.5%
- Homeownership rate: 66.0%
- Median household income: $64,178
- Total population: 52,167
28. St. Joseph
Source: BOB WESTON / iStock via Getty Images
- Median home value: $138,100
- Homes worth over $1 million: 0.5%
- Homeownership rate: 59.9%
- Median household income: $54,515
- Total population: 72,198
27. Springfield
Source: ChrisBoswell / iStock via Getty Images
- Median home value: $146,400
- Homes worth over $1 million: 0.3%
- Homeownership rate: 42.3%
- Median household income: $43,450
- Total population: 168,873
26. Joplin
Source: Public Domain / Wikimedia Commons
- Median home value: $147,000
- Homes worth over $1 million: 0.4%
- Homeownership rate: 57.6%
- Median household income: $50,996
- Total population: 51,848
25. Hazelwood
Source: Public Domain / Wikimedia Commons
- Median home value: $150,000
- Homes worth over $1 million: 0.0%
- Homeownership rate: 58.0%
- Median household income: $55,111
- Total population: 25,345
24. Independence
Source: Jon Kraft / iStock via Getty Images
- Median home value: $150,800
- Homes worth over $1 million: 0.2%
- Homeownership rate: 60.5%
- Median household income: $57,415
- Total population: 122,218
23. Grandview
Source: Thevalarie / Wikimedia Commons
- Median home value: $154,400
- Homes worth over $1 million: 0.4%
- Homeownership rate: 50.0%
- Median household income: $51,048
- Total population: 25,921
22. Raytown
Source: TheCatalyst31 / Wikimedia Commons
- Median home value: $155,300
- Homes worth over $1 million: 0.8%
- Homeownership rate: 64.1%
- Median household income: $64,542
- Total population: 29,772
21. St. Louis
Source: traveler1116 / iStock via Getty Images
- Median home value: $174,100
- Homes worth over $1 million: 1.1%
- Homeownership rate: 44.9%
- Median household income: $52,941
- Total population: 298,018
20. Cape Girardeau
Source: Public Domain / Wikimedia Commons
- Median home value: $177,500
- Homes worth over $1 million: 0.4%
- Homeownership rate: 53.9%
- Median household income: $51,671
- Total population: 39,795
19. Jefferson City
Source: Sean Pavone / iStock via Getty Images
- Median home value: $189,200
- Homes worth over $1 million: 0.5%
- Homeownership rate: 59.2%
- Median household income: $63,649
- Total population: 42,644
18. Gladstone
Source: Walmart / Wikimedia Commons
- Median home value: $194,900
- Homes worth over $1 million: 0.8%
- Homeownership rate: 63.8%
- Median household income: $68,633
- Total population: 26,964
17. Mehlville
Source: Dwaynep2010 / Wikimedia Commons
- Median home value: $195,400
- Homes worth over $1 million: 0.0%
- Homeownership rate: 64.2%
- Median household income: $63,123
- Total population: 29,089
16. Maryland Heights
Source: Michael Thomas / Getty Images News via Getty Images
- Median home value: $200,100
- Homes worth over $1 million: 0.7%
- Homeownership rate: 57.1%
- Median household income: $82,232
- Total population: 28,099
15. Kansas City
Source: Sean Pavone / iStock via Getty Images
- Median home value: $208,900
- Homes worth over $1 million: 1.0%
- Homeownership rate: 54.0%
- Median household income: $65,256
- Total population: 505,958
14. Blue Springs
Source: Sandra Sapp / iStock via Getty Images
- Median home value: $224,600
- Homes worth over $1 million: 0.3%
- Homeownership rate: 68.9%
- Median household income: $82,965
- Total population: 58,720
13. St. Peters
Source: City Of St. Peters City Hall / Wikimedia Commons
- Median home value: $237,100
- Homes worth over $1 million: 0.1%
- Homeownership rate: 80.9%
- Median household income: $88,708
- Total population: 57,692
12. Columbia
Source: Sean Pavone / iStock via Getty Images
- Median home value: $248,600
- Homes worth over $1 million: 0.7%
- Homeownership rate: 48.8%
- Median household income: $60,455
- Total population: 126,172
11. Liberty
Source: Adam Jones / Wikimedia Commons
- Median home value: $250,200
- Homes worth over $1 million: 0.1%
- Homeownership rate: 72.4%
- Median household income: $91,512
- Total population: 30,299
10. St. Charles
Source: Public Domain / Wikimedia Commons
- Median home value: $259,700
- Homes worth over $1 million: 1.1%
- Homeownership rate: 66.8%
- Median household income: $83,589
- Total population: 70,687
9. Oakville
Source: collins_family / Flickr
- Median home value: $278,900
- Homes worth over $1 million: 0.8%
- Homeownership rate: 86.7%
- Median household income: $100,558
- Total population: 35,412
8. O’Fallon
Source: Paul Sableman / Wikimedia Commons
- Median home value: $283,600
- Homes worth over $1 million: 0.4%
- Homeownership rate: 80.9%
- Median household income: $104,863
- Total population: 91,825
7. Wentzville
Source: Public Domain / Wikimedia Commons
- Median home value: $289,800
- Homes worth over $1 million: 0.0%
- Homeownership rate: 84.7%
- Median household income: $109,158
- Total population: 44,584
6. Lee’s Summit
Source: TriggerPhoto / iStock via Getty Images
- Median home value: $291,400
- Homes worth over $1 million: 0.6%
- Homeownership rate: 75.1%
- Median household income: $103,447
- Total population: 101,728
5. University City
Source: w_lemay / Wikimedia Commons
- Median home value: $303,600
- Homes worth over $1 million: 2.7%
- Homeownership rate: 55.2%
- Median household income: $71,888
- Total population: 34,850
4. Ballwin
Source: Dave Herholz / Wikimedia Commons
- Median home value: $337,500
- Homes worth over $1 million: 0.8%
- Homeownership rate: 83.9%
- Median household income: $118,647
- Total population: 30,948
3. Kirkwood
Source: scgerding / iStock via Getty Images
- Median home value: $391,700
- Homes worth over $1 million: 5.5%
- Homeownership rate: 75.0%
- Median household income: $107,905
- Total population: 29,309
2. Chesterfield
Source: reliasd / iStock via Getty Images
- Median home value: $437,000
- Homes worth over $1 million: 3.7%
- Homeownership rate: 79.5%
- Median household income: $137,052
- Total population: 49,645
1. Wildwood
Source: pasa / Flickr
- Median home value: $449,900
- Homes worth over $1 million: 2.9%
- Homeownership rate: 91.6%
- Median household income: $147,508
- Total population: 35,276
| Rank | Places in Missouri with at least 25,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Wildwood | 449,900 | 91.6 | 147,508 | 35,276 |
| 2 | Chesterfield | 437,000 | 79.5 | 137,052 | 49,645 |
| 3 | Kirkwood | 391,700 | 75.0 | 107,905 | 29,309 |
| 4 | Ballwin | 337,500 | 83.9 | 118,647 | 30,948 |
| 5 | University City | 303,600 | 55.2 | 71,888 | 34,850 |
| 6 | Lee’s Summit | 291,400 | 75.1 | 103,447 | 101,728 |
| 7 | Wentzville | 289,800 | 84.7 | 109,158 | 44,584 |
| 8 | O’Fallon | 283,600 | 80.9 | 104,863 | 91,825 |
| 9 | Oakville | 278,900 | 86.7 | 100,558 | 35,412 |
| 10 | St. Charles | 259,700 | 66.8 | 83,589 | 70,687 |
| 11 | Liberty | 250,200 | 72.4 | 91,512 | 30,299 |
| 12 | Columbia | 248,600 | 48.8 | 60,455 | 126,172 |
| 13 | St. Peters | 237,100 | 80.9 | 88,708 | 57,692 |
| 14 | Blue Springs | 224,600 | 68.9 | 82,965 | 58,720 |
| 15 | Kansas City | 208,900 | 54.0 | 65,256 | 505,958 |
| 16 | Maryland Heights | 200,100 | 57.1 | 82,232 | 28,099 |
| 17 | Mehlville | 195,400 | 64.2 | 63,123 | 29,089 |
| 18 | Gladstone | 194,900 | 63.8 | 68,633 | 26,964 |
| 19 | Jefferson City | 189,200 | 59.2 | 63,649 | 42,644 |
| 20 | Cape Girardeau | 177,500 | 53.9 | 51,671 | 39,795 |
| 21 | St. Louis | 174,100 | 44.9 | 52,941 | 298,018 |
| 22 | Raytown | 155,300 | 64.1 | 64,542 | 29,772 |
| 23 | Grandview | 154,400 | 50.0 | 51,048 | 25,921 |
| 24 | Independence | 150,800 | 60.5 | 57,415 | 122,218 |
| 25 | Hazelwood | 150,000 | 58.0 | 55,111 | 25,345 |
| 26 | Joplin | 147,000 | 57.6 | 50,996 | 51,848 |
| 27 | Springfield | 146,400 | 42.3 | 43,450 | 168,873 |
| 28 | St. Joseph | 138,100 | 59.9 | 54,515 | 72,198 |
| 29 | Florissant | 125,200 | 66.0 | 64,178 | 52,167 |
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