Can I Afford a Home
in St. Louis?
Median home price in St. Louis is $185,000. At 6.5% with 25% down, you need $49,809/year to qualify under the 28% housing rule.
St. Louis, MO — 2024 snapshot
Attainable for median earners
The St. Louis median household income of $52,000/year exceeds the $49,809 needed to afford the median home. Income-to-price ratio: 3.6x.
Monthly payment breakdown — St. Louis
Median home price $185,000, 25% down ($46,250), 6.5% rate, 30-year fixed.
| Component | Monthly | Annual |
|---|---|---|
| Principal & interest | $877/mo | $10,524/yr |
| Property tax (1.35% rate) | $208/mo | $2,496/yr |
| Homeowner insurance (est.) | $77/mo | $924/yr |
| Total PITI | $1,162/mo | $13,944/yr |
Required income by mortgage rate
Median St. Louis home at $185,000, 20% down ($37,000), 30-year fixed.
| Rate | Monthly PITI | Required income |
|---|---|---|
| 6% | $1,172/mo | $50,229/yr |
| 6.5% (current est.) | $1,220/mo | $52,286/yr |
| 7% | $1,270/mo | $54,429/yr |
| 7.5% | $1,320/mo | $56,571/yr |
Uses St. Louis's 1.35% property tax rate and 0.5% insurance estimate. No existing debts assumed.
Check your specific salary
Use the income bracket pages to see how your salary compares to the $49,809/year needed in St. Louis.
Run your exact numbers for St. Louis
Do not include rent — only recurring debt obligations.
Less than 20% of the home price triggers PMI (private mortgage insurance).
Buying and selling within 5 years rarely covers transaction costs.
Frequently asked questions
Can I afford a home in St. Louis?
Median home price in St. Louis is $185,000. At 6.5% with 25% down ($46,250), the monthly PITI is $1,162. To keep housing costs at or below 28% of gross income, you need $49,809/year. The median household income in St. Louis is $52,000, which means the typical household can qualify.
What income do you need to buy a house in St. Louis?
To afford the median St. Louis home at $185,000 with 25% down and a 6.5% rate, you need approximately $49,809/year. This applies the 28% front-end DTI limit used by conventional lenders. Increasing your down payment or waiting for lower rates reduces this threshold.
What is the property tax rate in St. Louis?
The effective property tax rate in St. Louis, Missouri is 1.35% annually. On the median home of $185,000, that is $208/month or $2,496/year in property taxes. Property taxes are included in PITI and count toward the 28% front-end DTI limit.
How much is a down payment on a house in St. Louis?
On the St. Louis median home price of $185,000, a 20% down payment is $37,000 and a 25% down payment is $46,250. Putting down at least 20% eliminates PMI. For homes above $766,550, you will need a jumbo loan, which typically requires 20-30% down and stricter income documentation.