Income needed to buy a house in Missouri
A median-priced home in Missouri costs $254,400. With 20% down you'd need about $70,941 a year, within reach of the state's median household income of $71,589. Missouri ranks #11 of 51 for the lowest income needed.
Income needed: $70,941 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $70,941 a year to buy a $254,400 home in Missouri with $50,880 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $1,347 |
| Property tax | $168 |
| Homeowners insurance | $140 |
| Total | $1,655 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $12,720 | $2,009 | $86,082 |
| 10% | $25,440 | $1,919 | $82,246 |
| 20% | $50,880 | $1,655 | $70,941 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Missouri: what's different
- Transfer tax
- None
- On the median home
- $0
- Homestead break
- County senior freeze only
- First-time buyer help
- Missouri Housing Development Commission
- Transfer and recording taxes. Missouri has no transfer tax, and a 2010 constitutional amendment bars any new tax on the sale or transfer of homes.
- Property tax breaks for your home. There's no general homestead exemption. Under a 2023 law, each county can choose to freeze property taxes on the homes of owners 62 and older, so check whether yours has.
- First-time buyer help. The Missouri Housing Development Commission offers First Place through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Missouri metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| St. Louis, MO | $77,642 | $268,300 | $81,679 |
| Kansas City, MO | $89,385 | $314,300 | $83,785 |
| Springfield, MO | $70,790 | $260,000 | $67,219 |
With 20% down, the median home takes about $70,790 a year in the Springfield area and $89,385 in the Kansas City area, compared with $70,941 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Missouri less expensive than most states
- Home prices: the median value of $254,400 is 29% below the U.S. median of $360,600.
- Property tax: about 0.79% of value a year ($168 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,676 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $139 a month on this loan.
2 states need at least 20% less income to buy their median home. States with a similar income requirement:
- Kansas $71,999
- Michigan $72,520
- Ohio $69,191
- New Mexico $74,367
- Iowa $67,151
- North Dakota $74,999
Frequently asked questions
How much do you need to make to buy a house in Missouri?
About $70,941 a year for the median home of $254,400 with 20% down at 6.95%. With 10% down it's about $82,246.
What is the property tax rate in Missouri?
The median Missouri homeowner pays $2,021 a year, about 0.79% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Missouri?
Median rent is $1,067 a month, while owning the median home costs about $1,655 a month with 20% down, before maintenance. Renting affordably takes about $42,680 a year under the 30% rule.