Buying a Home in Missouri: What You Need to Know
If you're considering buying a home in Missouri, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Missouri homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Missouri-specific data to give you accurate monthly payment estimates.
Missouri Property Taxes
Missouri has an effective property tax rate of 0.88%, ranking #23 out of 50 states (where #1 is the highest). On a median-priced home of $258,000, you'd pay approximately $2,270 per year in property taxes, or about $189/month.
Missouri's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Missouri Homeowners Insurance
The average annual homeowners insurance premium in Missouri is $2,191 for $300,000 in dwelling coverage, or about $183/month.
Missouri's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Missouri Closing Costs
Closing costs in Missouri average 0.6% of the home's purchase price. On a $258,000 home, that's approximately $1,548. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Missouri Housing Market
The median home price in Missouri is $258,000. This is below the national median of approximately $410,000, making Missouri one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Missouri Mortgage Tools
Use these additional calculators to plan your Missouri home purchase: