Cost of living in Missouri: Affordable housing market. Low property taxes. Competitive utility costs. Reasonable healthcare expenses. Economical transportation options. Budget-friendly groceries. Inexpensive dining out. Modest entertainment costs. Lower-than-average salary scale. Tax incentives available.
Affordable housing market
In Missouri, the affordable housing market is severely strained, with a housing shortage of 115,000 affordable and available rental homes for the 200,000 extremely low-income households. A worker must earn $18.54 per hour to afford the average rent for a two-bedroom apartment, which is significantly higher than the state's minimum wage of $12 per hour. For further insights on this pressing issue, you can visit the Out Of Reach 2023 report by Empower Missouri.
Low property taxes
Missouri has relatively low property taxes, with an average effective property tax rate of 0.88%, which is lower than the national average of 0.99%. The state's median annual property tax payment is $1,746, and rates vary by county, with some counties like Jasper County having rates as low as 0.83%.
Competitive utility costs
The average monthly cost of utilities in Missouri is $252, which aligns closely with the national average, with cities like Kansas City and St. Louis displaying slight variations in costs. Missouri's utility expenses are notably 6% lower than the national average. This contributes to the state's overall lower cost of living. For more details, visit the Apartment List website to explore the cost of living specifics in Missouri.
Reasonable healthcare expenses
Healthcare services in Missouri, such as doctor check-ups and dentistry, cost 7% lower than the national average, contributing to a more affordable cost of living in the state. For a comprehensive comparison and to explore detailed information, visit the Cost of Living Calculator provided by RentCafe. This tool helps residents and potential movers understand how Missouri's expenses align with those in other areas, making it an invaluable resource for financial planning and decision-making.
Economical transportation options
In Missouri, economical transportation options include a local transport ticket for USD 2.16 and a monthly ticket for local transport at USD 60.10. Services like Oats Transit provide affordable and reliable transportation across 87 counties, with options such as deviated-fixed routes and senior transportation. For a comprehensive understanding of these and other living costs, you can explore the detailed insights provided by Leverage Edu.
Budget-friendly groceries
In Missouri, the cost of living is significantly lower in certain areas compared to national averages, particularly when it comes to grocery prices. Families and individuals enjoy spending roughly 5% less on groceries, where a single adult typically spends $3,001 annually on food, and a family of four spends about $8,666. This is a notable difference from the national spending averages. Essential grocery items, such as a gallon of milk, which costs around $3.00, a loaf of bread at $1.83, and a pound of chicken priced at $4.59, are all more affordable in Missouri than in many other states. An insightful analysis of these costs can be found on the UpNest website, which highlights the affordability in this region compared to others.
Inexpensive dining out
In Missouri, particularly at the Lake of the Ozarks, there are numerous affordable dining options where most entrees are under $10. Restaurants like R J's Family Restaurant, Wise Guys Sandwich Pub, and Chesnie's Cafe offer a range of meals, including breakfast, lunch, and dinner, at budget-friendly prices. For more information about these restaurants and other dining options, visit the Lake of the Ozarks website to plan your next affordable culinary adventure.
Modest entertainment costs
In Missouri, modest entertainment costs are relatively low, with a cinema ticket costing around $12.1 and a fitness club membership averaging $43.9 per month. This affordability makes leisure activities accessible for residents, enhancing the quality of life without straining the budget. To get more details about living expenses in this state, you can check the comprehensive guide on Cost of Living in Missouri, which outlines various facets of everyday living. Engaging in these activities becomes easier and more enjoyable when financial constraints are minimized.
Lower-than-average salary scale
Missouri has a lower-than-average cost of living, with the average monthly cost for a single person estimated to be around $1,957, or approximately $23,500 annually. This includes costs for rent, utilities, food, and transport, making it one of the states with the lowest cost of living in the US. For more information, you can explore the topic in depth on Unbiased.
Tax incentives available
Missouri provides a variety of tax incentives designed to lower the cost of living and operating a business in the state. One such initiative is the Enhanced Enterprise Zone Program, which offers both state tax credits and local real property tax abatements. For vineyards and wine producers, the Wine and Grape Tax Credit Program presents additional benefits. Furthermore, the Missouri Works Program is noteworthy for providing refundable state tax credits, which are contingent upon new job creation and private capital investment, making it an essential tool for businesses looking to expand their footprint in the region.