Missouri Mortgage Calculator

Mortgage Calculator in Missouri

The median home price in Missouri is $225,000, which is 46% below the national average of $420,000. Missouri's effective property tax rate of 0.93% is 0.17 percentage points lower than the national average of 1.1%.

Metric	Missouri (MO)	National Avg	vs National Average
Median Home Price	$225,000	$420,000	-46%
Property Tax Rate	0.93%	1.1%	-0.17%
Home Insurance (Annual)	$1,800	$2,300	-22%
State Sales Tax	4.225%	5%	-0.8%
FHA Loan Limit	$472,030	$472,030	Standard
Conforming Loan Limit	$766,550	$766,550	Standard

Homeownership in Missouri

Missouri straddles the affordability line -- St. Louis and Kansas City metros have seen price growth to a median around $225,000, while rural Missouri remains significantly cheaper. The state's graduated income tax (recently restructured toward a flat rate) and moderate property taxes at 0.93% make the total tax burden reasonable. Missouri's economy is anchored by financial services, aerospace (Boeing has a major presence), and agriculture.

Tips for Missouri Homebuyers and Homeowners

• Missouri assesses residential property at 19% of market value -- on a $225,000 home, the assessed value is $42,750, making the effective annual tax bill typically $400-$600.
• Missouri has a 'rent relief' program for low-income seniors who rent, and a property tax credit for homeowners 65+ or disabled with income below $30,000 -- worth up to $1,100 per year.
• The Kansas City area straddles the Missouri-Kansas border, and buying on the Kansas side (Johnson County) vs the Missouri side means very different local tax structures -- compare total costs across the state line.
• Missouri had a top income tax rate of 5.9% that is being phased down toward 4.95% over time through automatic rate reductions triggered by revenue growth.

Missouri Programs and Assistance

• Missouri Housing Development Commission (MHDC) First Place Loan Program -- provides below-market rate loans and up to 4% of the loan amount in cash assistance for down payment and closing costs.
• MHDC Next Step Program -- for buyers with slightly higher incomes who don't qualify for First Place but still need competitive financing.
• Missouri Veterans Commission Home Loans -- state-specific loan products for Missouri veterans, sometimes with better terms than standard VA loans.

Did you know? Missouri has one of the most favorable property tax assessments in the Midwest for residential buyers -- the 19% assessment ratio means you're effectively paying taxes on less than one-fifth of your home's market value.