The median home price in Missouri is $237,100, which has increased by 6.2% since the last year. The Missouri housing market has witnessed a 0.17% year-over-year decline in the number of homes listed. With only a 2-month supply left, the tight inventory is expected to drive an increase in the median sale price.
As per our research, home prices are relatively higher in central counties near Jefferson City, MO. On the other hand, as you move towards the northern areas of the Show-Me State, you can find cheaper housing options.
4 Reasons to live in Missouri 🌆
- Cheaper Houses: The median home sale price in Missouri is ~$237K. But you can get houses between $57K and $152K in cities like Sharon, Altoona, and Reading.
- Tax Benefits: Missouri provides a Property Tax Credit for individuals who own and occupy their homes. This credit aims to alleviate the property tax burden for eligible individuals.
- Affordable Utilities: Utilities in cities that are listed below is up to 8.3% lower than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than national average. You can save up to $975 per month in rent.
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Cheapest Places to Live in Missouri in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Jennings | $32,462 | $57,384 | 12,824 | 4.5% | 29.6% |
| Kennett | $52,907 | $96,164 | 10,229 | 4.7% | 20.9% |
| Kirksville | $41,089 | $136,221 | 17,474 | 3.8% | 29.9% |
| Sikeston | $47,464 | $143,076 | 16,073 | 3.3% | 20.0% |
| St. Joseph | $54,515 | $145,209 | 70,656 | 2.9% | 18.1% |
| Hazelwood | $55,111 | $147,011 | 25,047 | 2.6% | 14.3% |
| Poplar Bluff | $37,448 | $152,247 | 16,232 | 4.3% | 27.0% |
7 Cheapest Places to Live in MO
The annual population growth of 3% since 2010 is reflective of people’s intention to move to Missouri. If you’re considering shifting to the Show-Me State, here are some cities that offer affordable living options:
1. Jennings
| 🟢 Cost of Living Compared to National Average | 6.9%⬇️ |
| 🏡 Median Home Price | $57,384 |
| 💲 Median Rent | $1,000 |
| 🌅 Known For | Benton Place |
Jennings is an affordable place to live in Missouri. Its median house rent ranges from $655 – $1,400. It also offers very affordable health which is 4.3% lower than the national average.
Jennings stands out as a budget-friendly city. The city is also recognized for its tourism attractions, with places like Benton Place and Calvary Cemetery, offering points of interest and landmarks.
» Homes for Sale in Jennings, MO: Find your dream home in this city.
2. Kennett
| 🟢 Cost of Living Compared to National Average | 29.5%⬇️ |
| 🏡 Median Home Price | $96,164 |
| 💲 Median Rent | $825 |
| 🏞️ Known For | Grace Kennett Foundation Hospital |
Kennett is one of the most budget-friendly rental destinations in Missouri with an average home rent ranging between $714 – $895. It also offers affordable transportation which is 34.6% lower than the national average.
Kennett is a great place for people looking to buy a home. It is recognized for having the Grace Kennett Foundation Hospital. Additionally, the city today lays claim to the title of agricultural powerhouse.
» Homes for Sale in Kennett, MO: Browse thousands of property listings in Kennett.
3. Kirksville
| 🟢 Cost of Living Compared to National Average | 24.9%⬇️ |
| 🏡 Median Home Price | $136,221 |
| 💲 Median Rent | $755 |
| 🏖️ Known For | Thousand Hills State Park |
With rental costs below the national average, Kirksville stands as one of the most affordable cities to live in Missouri. The house rent price is between $325 – $4,275.
Kirksville is considered a historic town and education hub. It is the home to institutions like the Kirksville College of Osteopathic Medicine.
» Homes for Sale in Kirksville, MO: View all the properties for sale in this city.
4. Sikeston
| 🟢 Cost of Living Compared to National Average | 25.6%⬇️ |
| 🏡 Median Home Price | $143,076 |
| 💲 Median Rent | $859 |
| 🏖️ Known For | Sikeston Depot Museum & Gallery |
Sikeston offers budget-friendly living with a median rent that is $1,141 lower than the national median. Moreover, the utilities costs are 3.2% below the national average in the city.
Sikeston is recognized for its community’s historic homes. These historic homes are located adjacent to the downtown shopping district, contributing to the town’s charm and character
» Homes for Sale in Sikeston, MO: Browse through thousands of affordable properties.
5. St. Joseph
| 🟢 Cost of Living Compared to National Average | 23.4%⬇️ |
| 🏡 Median Home Price | $145,209 |
| 💲 Median Rent | $812 |
| 🎨 Known For | Wyeth-Tootle Mansion |
Often nicknamed ‘Big Muddy,’ St. Joseph’s cost of living is 23.4% lower than the national average. The average grocery expenses are 5.6% lower than the national average.
St. Joseph’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in the US.
» Homes for Sale in St. Joseph, MO: Browse through thousands of properties in this city.
6. Hazelwood
| 🟢 Cost of Living Compared to National Average | 6.9%⬇️ |
| 🏡 Median Home Price | $147,011 |
| 💲 Median Rent | $1,025 |
| 🏫 Known For | Harry S. Truman Park |
The house rent in Hazelwood is between $725 – $3,700. With an average household income of $55,111, you can comfortably live in this city.
Being near St. Louis offers additional opportunities for employment, entertainment, and cultural experiences. Hazelwood is also known for its excellent schools, such as Parkway Schools. This provides quality education and opportunities for academic growth.
» Homes for Sale in Hazelwood, MO: Find a home in one of the cheapest places to live in Missouri.
7. Poplar Bluff
| 🟢 Cost of Living Compared to National Average | 26.1%⬇️ |
| 🏡 Median Home Price | $152,247 |
| 💲 Median Rent | $750 |
| 🖼️ Known For | Black River Coliseum |
Poplar Bluff is one of the best places to live in Missouri. The monthly expenditure on food for an individual amounts to $546, making it one of the most budget-friendly options across the country.
Poplar Bluff is a vibrant city known for its diverse population and wide range of cultural amenities and attractions. Additionally, it provide entertainment, cultural experiences, and recreational opportunities for residents and visitors alike, contributing to the city’s appeal.
» Homes for Sale in Poplar Bluff, MO: Get yourself a home in this vibrant city.
- 🏡 Do You Need Professional Assistance While Buying a Home?
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Bottom Line
The cost of living in Missouri is 8% higher than the national average. Nevertheless, it is also home to some of the most expensive cities in America. However, if you want to shift to Missouri, you can find affordable housing in cities like Jennings, Kennett, and Kirksville.
Cities like Hazelwood and Poplar Bluff have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
Find Homes for Sale in MO Under Your Specific Budget
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Find Your Dream Home 🏡
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View 2 Homes For Sale in Missouri
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» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Missouri, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, Zillow, and Best Places.
FAQs
What is the cheapest place to live in Missouri?
The cheapest place to live in Missouri is Jennings.
» 7 Cheapest Places to Live in Missouri: Find out the other cheapest places to live in Missouri!
Is Missouri the cheapest place to live in?
No, it is not. The median home value is $237,100. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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