Experts say Buy don’t Rent in one of Missouri’s Largest Cities
The housing market is wild right now across the country, many people are looking to rent instead of buying especially in the big cities, but experts say you want to buy if you are moving to one of Missouri's premier cities.
According to an article from nationalmortgagenews.com, if you are moving to St. Louis, or live there now, you should buy as opposed to rent. St. Louis was named one of the 10 housing markets where it is cheaper to buy than rent in 2022, St. Louis ranked number 4 on the list right behind Pittsburgh in third, Cleveland in second place, and taking the top spot is Birmingham, Alabama.
According to the data from nationalmortgagenew.com, renters are paying on average about $1300 a month compared to a mortgage payment on a $166,000 property which they say is about $812 a month. To see the full list of cities and data for yourself just click here!
I will say that I lived in a big city (Chicago) for a number of years and the rents were always ridiculously high, and finding good quality places to rent is really difficult, so beyond the fact that you could be saving yourself a couple of hundred dollars a month to own versus renting in St. Louis, I'm sure you'd actually be in a better living situation if you could own your own place. Obviously, it is much easier said than done to just say "hey just buy a place as opposed to renting" but it is good to know if you plan on living in a big city long term you could save thousands of dollars if you can find a way to own your own place.