Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Missouri cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Missouri is worth $199,400. But across the 29 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from about $125,000 to nearly $450,000.

In any local market, home prices are often a reflection of what residents can afford. In Missouri, many of the least expensive cities for homebuyers are not high-income areas. Of the 29 places in Missouri with available data from the ACS, 13 have a median home value that is less than the statewide median. In all but one of these places, the typical household earns less than the statewide median household income of $65,920. Similarly, most of Missouri’s more expensive housing markets have higher earning populations.

Why It Matters

Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in Missouri.

29. Florissant

• Median home value: $125,200
• Homes worth over $1 million: 0.5%
• Homeownership rate: 66.0%
• Median household income: $64,178
• Total population: 52,167

28. St. Joseph

• Median home value: $138,100
• Homes worth over $1 million: 0.5%
• Homeownership rate: 59.9%
• Median household income: $54,515
• Total population: 72,198

27. Springfield

• Median home value: $146,400
• Homes worth over $1 million: 0.3%
• Homeownership rate: 42.3%
• Median household income: $43,450
• Total population: 168,873

26. Joplin

• Median home value: $147,000
• Homes worth over $1 million: 0.4%
• Homeownership rate: 57.6%
• Median household income: $50,996
• Total population: 51,848

25. Hazelwood

• Median home value: $150,000
• Homes worth over $1 million: 0.0%
• Homeownership rate: 58.0%
• Median household income: $55,111
• Total population: 25,345

24. Independence

• Median home value: $150,800
• Homes worth over $1 million: 0.2%
• Homeownership rate: 60.5%
• Median household income: $57,415
• Total population: 122,218

23. Grandview

• Median home value: $154,400
• Homes worth over $1 million: 0.4%
• Homeownership rate: 50.0%
• Median household income: $51,048
• Total population: 25,921

22. Raytown

• Median home value: $155,300
• Homes worth over $1 million: 0.8%
• Homeownership rate: 64.1%
• Median household income: $64,542
• Total population: 29,772

21. St. Louis

• Median home value: $174,100
• Homes worth over $1 million: 1.1%
• Homeownership rate: 44.9%
• Median household income: $52,941
• Total population: 298,018

20. Cape Girardeau

• Median home value: $177,500
• Homes worth over $1 million: 0.4%
• Homeownership rate: 53.9%
• Median household income: $51,671
• Total population: 39,795

19. Jefferson City

• Median home value: $189,200
• Homes worth over $1 million: 0.5%
• Homeownership rate: 59.2%
• Median household income: $63,649
• Total population: 42,644

18. Gladstone

• Median home value: $194,900
• Homes worth over $1 million: 0.8%
• Homeownership rate: 63.8%
• Median household income: $68,633
• Total population: 26,964

17. Mehlville

• Median home value: $195,400
• Homes worth over $1 million: 0.0%
• Homeownership rate: 64.2%
• Median household income: $63,123
• Total population: 29,089

16. Maryland Heights

• Median home value: $200,100
• Homes worth over $1 million: 0.7%
• Homeownership rate: 57.1%
• Median household income: $82,232
• Total population: 28,099

15. Kansas City

• Median home value: $208,900
• Homes worth over $1 million: 1.0%
• Homeownership rate: 54.0%
• Median household income: $65,256
• Total population: 505,958

14. Blue Springs

• Median home value: $224,600
• Homes worth over $1 million: 0.3%
• Homeownership rate: 68.9%
• Median household income: $82,965
• Total population: 58,720

13. St. Peters

• Median home value: $237,100
• Homes worth over $1 million: 0.1%
• Homeownership rate: 80.9%
• Median household income: $88,708
• Total population: 57,692

12. Columbia

• Median home value: $248,600
• Homes worth over $1 million: 0.7%
• Homeownership rate: 48.8%
• Median household income: $60,455
• Total population: 126,172

11. Liberty

• Median home value: $250,200
• Homes worth over $1 million: 0.1%
• Homeownership rate: 72.4%
• Median household income: $91,512
• Total population: 30,299

10. St. Charles

• Median home value: $259,700
• Homes worth over $1 million: 1.1%
• Homeownership rate: 66.8%
• Median household income: $83,589
• Total population: 70,687

9. Oakville

• Median home value: $278,900
• Homes worth over $1 million: 0.8%
• Homeownership rate: 86.7%
• Median household income: $100,558
• Total population: 35,412

8. O’Fallon

• Median home value: $283,600
• Homes worth over $1 million: 0.4%
• Homeownership rate: 80.9%
• Median household income: $104,863
• Total population: 91,825

7. Wentzville

• Median home value: $289,800
• Homes worth over $1 million: 0.0%
• Homeownership rate: 84.7%
• Median household income: $109,158
• Total population: 44,584

6. Lee’s Summit

• Median home value: $291,400
• Homes worth over $1 million: 0.6%
• Homeownership rate: 75.1%
• Median household income: $103,447
• Total population: 101,728

5. University City

• Median home value: $303,600
• Homes worth over $1 million: 2.7%
• Homeownership rate: 55.2%
• Median household income: $71,888
• Total population: 34,850

4. Ballwin

• Median home value: $337,500
• Homes worth over $1 million: 0.8%
• Homeownership rate: 83.9%
• Median household income: $118,647
• Total population: 30,948

3. Kirkwood

• Median home value: $391,700
• Homes worth over $1 million: 5.5%
• Homeownership rate: 75.0%
• Median household income: $107,905
• Total population: 29,309

2. Chesterfield

• Median home value: $437,000
• Homes worth over $1 million: 3.7%
• Homeownership rate: 79.5%
• Median household income: $137,052
• Total population: 49,645

1. Wildwood

• Median home value: $449,900
• Homes worth over $1 million: 2.9%
• Homeownership rate: 91.6%
• Median household income: $147,508
• Total population: 35,276

Rank	Places in Missouri with at least 25,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Wildwood	449,900	91.6	147,508	35,276
2	Chesterfield	437,000	79.5	137,052	49,645
3	Kirkwood	391,700	75.0	107,905	29,309
4	Ballwin	337,500	83.9	118,647	30,948
5	University City	303,600	55.2	71,888	34,850
6	Lee’s Summit	291,400	75.1	103,447	101,728
7	Wentzville	289,800	84.7	109,158	44,584
8	O’Fallon	283,600	80.9	104,863	91,825
9	Oakville	278,900	86.7	100,558	35,412
10	St. Charles	259,700	66.8	83,589	70,687
11	Liberty	250,200	72.4	91,512	30,299
12	Columbia	248,600	48.8	60,455	126,172
13	St. Peters	237,100	80.9	88,708	57,692
14	Blue Springs	224,600	68.9	82,965	58,720
15	Kansas City	208,900	54.0	65,256	505,958
16	Maryland Heights	200,100	57.1	82,232	28,099
17	Mehlville	195,400	64.2	63,123	29,089
18	Gladstone	194,900	63.8	68,633	26,964
19	Jefferson City	189,200	59.2	63,649	42,644
20	Cape Girardeau	177,500	53.9	51,671	39,795
21	St. Louis	174,100	44.9	52,941	298,018
22	Raytown	155,300	64.1	64,542	29,772
23	Grandview	154,400	50.0	51,048	25,921
24	Independence	150,800	60.5	57,415	122,218
25	Hazelwood	150,000	58.0	55,111	25,345
26	Joplin	147,000	57.6	50,996	51,848
27	Springfield	146,400	42.3	43,450	168,873
28	St. Joseph	138,100	59.9	54,515	72,198
29	Florissant	125,200	66.0	64,178	52,167

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