Nation’s Largest Publisher of Mortgage and Consumer Loan Information Ranks St Louis as Fourth Most Affordable City for Homeownership
St. Louis came in fourth just behind Pittsburgh, Cleveland and Cincinnati as the most affordable city for homeownership in the nation.
When a buyer is considering purchasing a home and/or relocating ,the most common question is, “Can we afford it?” According to this recent HSI study of 27 metropolitan cities across the country-the answer to that question about St. Louis is, “Absolutely!”
Monthly Cost of Homeownership in St. Louis
The monthly cost of owning a median-priced home-$169,900-is $890 per month (including principal, interest, and insurance based on a 30 year mortgage) with the minimum salary required to afford this payment being $38,131. This came as no surprise to St. Louis Realtors President Sandy Hancock. “Our housing market has been strong all year-long in every category-from luxury to first-time buyer opportunities … and at the same time housing has also remained affordable.”
The Following Cities Topped HSH.com’s List as the Most Affordable Cities to Purchase a Home
City
Cost of Home Ownership
Min. Salary Needed
Pittsburgh
$756
$32,390
Cleveland
$803
$34,434
Cincinnati
$868
$37,179
St. Louis
$890
$$38,131
Detroit
$899
$38,542
Atlanta
$935
$40,292
Phoenix
$1,043`
$44,716
Tampa
$1,047
$44,875
San Antonio
$1,138
$48,753
Orlando
$1,1152
$49,382
St. Louis Is One of the Healthiest Markets Nationwide
“The St. Louis residential real estate market has stood on solid ground throughout 2016,” says St. Louis REALTORS CEO John Gromley. “In fact, every poll and study we have seen this year reflects St. Louis is one of the healthiest markets nationwide, based on affordability, job opportunity, strong economic growth and stability. What that means is if you are still interested in purchasing a home this year – it’s not too late. Our market continues to provide excellent affordability and opportunity in all categories for buyers looking for a home in the St. Louis area. There’s no doubt – this is an excellent time to engage a St. Louis REALTOR to help you find the right home at the right price.”
Call Finding Homes for You at 636-532-4200 for up-to-date real estate information. We only work for Buyers and will help you navigate through the home buying process.
