Home buying guide
Buying a home in Missouri
Missouri's effective property-tax rate is about 0.849%, around the U.S. average of 0.888%. It's a title/escrow state (a title or escrow company handles closing). Here's what buying here actually costs, and the steps to get the keys.
Property taxes in Missouri
Missouri's effective property-tax rate is about 0.849%of a home's value per year, about the same as the U.S. average of 0.888%. On a $500,000 home that's roughly $4,245 a year.
Closing costs in Missouri
Missouri is a title/escrow state (no attorney required), and Missouri has no state real-estate transfer or deed tax. On a $400,000 home, estimated closing costs run about $7,216–$10,516 on top of your down payment.
First-time buyer programs in Missouri
Missouri runs a housing finance agency with first-time-buyer help: down-payment assistance, below-market first mortgages, and mortgage tax credits.
How much house can you afford in Missouri?
What you can afford depends on your income, debts, and down payment, not just the home price. Missouri's property taxes above feed straight into the monthly payment lenders measure against your income.
Enter your numbers once and see your real affordability range, debt-to-income, and rent-vs-buy break-even for Missouri:
The steps to buy a home in Missouri
Home Buying Steps walks you through the whole process, from checking if you're ready to getting pre-approved to closing day, one clear step at a time, tailored to Missouri where the rules differ.
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