Rent vs buy in Missouri
Of the 13 cities with 50,000+ residents, 9 favor renting, 3 favor buying and 1 is a toss-up, based on today's numbers over 7 years.
Rent or buy in Missouri cities
| City | Verdict | 7-year result | Break-even (up to 30 yrs) | Typical home | Rent /mo |
|---|---|---|---|---|---|
| Independence | Buy | buying wins by $9k | year 6 | $210,944 | $1,395 |
| Florissant | Buy | buying wins by $37k | year 3 | $195,065 | $1,656 |
Sources: Zillow Home Value and Observed Rent indexes, plus verdicts from our rent vs buy method with 20% down, across 7 years.
What Missouri shows
Over 7 years, renting wins in 9 of Missouri's 13 big cities, buying in 3, and 1 is close. Buying pays off only where home prices stay low compared with rent. A typical home in St. Louis costs $181,157, and renting runs you $1,292. Buying comes out ahead by $16k, and the break-even point lands in year 5. Buying in Florissant puts you $37k ahead: a $195,065 home against $1,656 rent, with a break-even point at year 3.
Higher home prices flip the math against you. Rent runs $1,446 in Kansas City, where a typical home is $250,185. Renting comes out ahead by $9k over 7 years, and break-even doesn't arrive until year 9. Costlier suburbs widen that gap. Monthly rent in Lee's Summit is $1,614 for a home priced at $393,485. Renting leaves you $72k better off, and buying never breaks even within 30 years.
Statewide data explains the 32% of households that rent, a little below the 35% US mark. Typical rent here is $1,033 a month, compared with $1,413 nationally, and a typical home costs $265k. Buying means a 0.85% property tax, better than the 0.94% US rate, though homeowners insurance runs you $1,481 a year compared with $1,308 nationwide. Over the past 10 years, home prices rose 6.9% a year, faster than a long run pace of 4% a year.
Our take: in Missouri, the local price tag should guide you. In a cheaper spot such as St. Louis, we'd buy if you're staying 5 years, while pricier suburbs favor renting.