Estimated Monthly Payment — Median Missouri Home
$1,683
Based on $240,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$240,000
Property Tax
0.97%
Avg. HOA
$150/mo
Median Rent
$1,050/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Missouri housing market
Missouri's housing market is well below the national average, with a median home price around $240,000. Kansas City is the largest metro, with Saint Louis a close second. Missouri's affordability — anchored by Kansas City and St. Louis metros — makes it attractive for buyers seeking urban amenities at lower price points. Missouri's effective property tax rate of 0.97% is near the national average.
The median Missouri home costs $240,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,239, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $1,683. First-time buyers in Missouri can explore programs through Missouri HFA.
Photo by Ronni Kurtz on Unsplash
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FAQ
Missouri mortgage FAQs
What's the property tax rate in Missouri?
Missouri's effective property tax rate averages about 0.97% — near the national average. On a $240,000 home, that's roughly $194/month or $2,328/year.
How much do I need to earn to afford a typical Missouri home?
Using the 28/36 rule, a buyer would need roughly $63,000–$81,000 in gross annual income to comfortably afford Missouri's $240,000 median home with 20% down at current rates.
What first-time buyer programs are available in Missouri?
MHDC offers the First Place Loan program with reduced interest rates and the Next Step Loan program offering down payment assistance up to 4% of the loan amount. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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