Rent vs. Buy Calculator: Is It Better to Buy in St. Louis, MO?
Pre-filled with St. Louis, MO's median home price ($270,000), local property tax rate (1.2%), and an estimated equivalent rent — adjust any number to match your specific situation.
Median home price
$270,000
Property tax rate
1.2%
Est. equivalent rent
$1,500/mo
Price-to-rent ratio
15×
Your situation
Buying wins over 10 years
Saves you $97,675 vs the alternative · breaks even in year 3
💡 What if the down payment was invested instead?
Adds a purple line: rent + $54,000 growing at 8%/yr
Net cost of buying
$108,675
Total cost renting
$206,350
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Assumes 30-year fixed mortgage, 3% closing costs, 1% annual maintenance, 7% selling costs. For educational purposes only — consult a financial advisor.
Compare another market:
Missouri taxes and what they mean for your decision
Missouri has a top state income tax rate of 5.4%, and St. Louis City levies its own earnings tax of 1% on income earned within city limits — distinct from St. Louis County, which does not. This city earnings tax is a meaningful ongoing cost difference for buyers comparing city vs. suburban properties.
The St. Louis, MO rental market
St. Louis has a large, well-supplied rental market with significant price variation across revitalizing neighborhoods like the Grove and Lafayette Square versus other areas — metro-wide averages are less predictive here than neighborhood-level research.
What makes St. Louis different
St. Louis City's 1% earnings tax applies to income earned within city limits, while St. Louis County residents avoid it. This ongoing tax difference can add $1,000–$3,000/year for moderate earners — factor it into the total cost comparison when evaluating city vs. suburban properties.
St. Louis, MO's price-to-rent ratio: 15×
Dividing the median home price by annual rent for an equivalent home gives the price-to-rent ratio — a quick screening tool used by economists and real estate analysts. A ratio below 15 generally favours buying, 15–20 is a genuine toss-up, and above 20 generally favours renting, all else being equal. St. Louis, MO currently sits at approximately 15×, putting it squarely in toss-up territory where your specific time horizon and risk tolerance matter more than the market average.
| Metric | St. Louis, MO |
|---|---|
| Median home price | $270,000 |
| Estimated equivalent monthly rent | $1,500 |
| Property tax rate | 1.2% annually |
| State income tax | Missouri state tax applies |
| Price-to-rent ratio | 15× |
These are metro-level estimates for illustration. Use the calculator above with your specific neighborhood, property, and rental comparison for an accurate result.
Compare other major metros
📍 New York, NY
$780,000 median · 1.7% property tax
📍 Los Angeles, CA
$950,000 median · 0.7% property tax
📍 Chicago, IL
$350,000 median · 2.2% property tax
📍 Houston, TX
$320,000 median · 2.3% property tax · no income tax
📍 Austin, TX
$820,000 median · 2.1% property tax · no income tax
📍 Seattle, WA
$850,000 median · 1% property tax · no income tax
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St. Louis, MO rent vs buy — frequently asked questions
Is it better to rent or buy in St. Louis, MO?
It depends heavily on your time horizon and the specific numbers. St. Louis, MO's current price-to-rent ratio of approximately 15× suggests the decision is genuinely close and depends on your specific situation. Use the calculator above with your specific home price, down payment, and time horizon for a precise answer.
What is the median home price in St. Louis, MO?
The median home price in St. Louis, MO is approximately $270,000, though prices vary significantly by neighborhood and property type. This calculator uses the metro median as a starting point — adjust it to match the specific property you are considering.
What are property taxes like in St. Louis, MO?
St. Louis, MO has an effective property tax rate of approximately 1.2% of assessed home value annually. This is close to the US national average of roughly 1.1%.
Does Missouri have a state income tax?
Yes. Missouri levies a state income tax, which is a relevant factor when comparing overall cost of living, though it applies equally whether you rent or buy and does not directly affect the rent vs buy math itself.
How long do I need to stay in St. Louis for buying to make sense?
Based on St. Louis, MO's current price-to-rent ratio of 15×, the typical break-even point — accounting for closing costs, selling costs, and the opportunity cost of the down payment — generally falls in the 5-to-7-year range for this market. Run the calculator above with your specific numbers and time horizon for an exact figure.