St. Louis, MO

Rent vs buy in St. Louis

Median home $232,100. A 1 bedrooms rents for $1,144 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,144; per month
Own the median home: $1,607; P&I, tax, insurance, upkeep
Owning costs extra: $463; per month, same metro

What a purchase actually costs

20% down payment$46,420
Mortgage at 6.5%$1,174
Property tax (1.14% of value)$220/mo · $2,646/yr
Insurance and upkeep (1.1%/yr)$213
Total monthly ownership$1,607

Census ACS 2023: 42.4% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,655 left over a month, it takes about 18 months (1.5 years) to save $46,420 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.