Missouri Now Ranked as a Best State for Homebuyers on a Budget

Money is tight for many, so being able to buy a home the size you need without breaking the bank is important. A new ranking of states now shows that Missouri is among the best places for homebuyers who are managing a budget.

I have no doubt there are many more complicated metrics that went into this, but the short version of what 24/7 Wall St just did is they calculated how big a home you can get based on square footage with $200,000. Compared to other states, Missouri fared very well. Here is the data they came up with for Missouri:

• Approx. size of a $200,000 house in July 2024: 1,176 sq. ft.
• Median list price per sq. ft. in July 2024: $170
• Median size of a listed home: 1,797 sq. ft. (13th lowest of 50 states)
• Median list price in July 2024: $310,000 (10th lowest of 50 states)
• 1-yr. change in median list price: +3.3%
• Overall cost of living: 8.9% cheaper than avg.

First thing I noticed was the relatively small square footage that you can get in Missouri for $200,000. To say that 1,176 square feet won't fit many families is an understatement. I realize that's an average for the entire state, but I've seen many Missouri homes on Realtor.com listed in the mid-150's that have more square footage than that.

Overall, Missouri ranks 12th in America for homebuyers on a budget which is very healthy. With some home prices reportedly falling lately, it will be interesting to see how this relative affordability in Missouri changes over time.