If you plan to buy a house in St. Louis, check your annual income first to see whether you could afford a median-priced home in the city or not.
A report showed that the average sales price in St. Louis reached $128,000 during the first quarter of 2018. Home prices in St. Louis County were more expensive at $170,000. For this reason, homes in Kansas City may be a good alternative location particularly in the northern part of the city.
Those with an annual salary of almost $34,600 were able to afford a median-priced home in St. Louis, while average sales price in St. Louis County required an annual income of nearly $46,800. Data from the Bureau of Labor Statistics showed that the average annual salaries in both regions amount to a total of $57,876 and $57,031, respectively.
Competition for starter homes are particularly evident due to a shortage of affordable housing, so you should expect that lower-priced homes could be more expensive than average values. However, you may want to avoid looking for properties in Platte County.
Expensive Housing Markets
The median home price in Platte County cost more than $222,000 in the second quarter of 2017, which made it the most expensive market in Missouri, according to an analysis of data from the National Association of Realtors. The median mortgage payment in the region cost almost $900. The median salary in the county also reached nearly $70,900 at that time. Less than 1% of homes were valued at more than $1 million.
However, prices in Platte County are cheaper compared to its counterparts in other states. In California, for instance, San Francisco County’s median home price cost more than $1 million.
Demand for homes and a lack of housing are some of the factors for relatively high home prices in St. Louis, so consider buying homes from other parts of the state.