What is the cost of living in Missouri?

Summary

What is the average cost of living in Missouri?

Missouri is home to over 6.1 million people. The state has the lowest cost of living in the US.  

According to data from MERIC, the Missouri Economic Research and Information Center, Missouri had the seventh lowest cost of living in the United States for the second quarter of 2024.

According to LivingCost, the average monthly cost of living in Missouri for a single person is approximately $1,957. This equates to just under $23,500 annually. These figures include costs for rent, utilities, food, and transport.

However, Movoto, the real estate company, puts the monthly cost of living much higher at between $2,202 and $6,411. This could equate to $26,424 and $76,932 respectively.

It's important to note that these figures will change depending on where you live in Missouri.

Naturally, rural areas in Missouri are less expensive, while in the larger metro areas, you can expect to pay more for goods and services.

How much does housing cost in Missouri?

As of October 2024, the average home value in Missouri is estimated to be around $247,482, according to the Zillow Home Value Index.

It’s important to note that housing prices can significantly differ across various regions within the state.

Here are the average home prices across the different counties and independent cities: 

The monthly rental price ranges across the state for those considering renting in Missouri.

The median rent in the state is $1,305. Here is a breakdown of the rental prices in the five largest cities in Missouri:

How much do utilities cost in Missouri?

Utility costs play a significant role in Missouri's overall cost of living.

According to Forbes, the average monthly cost is around $447 and is broken down as follows:

How much do groceries and food cost in Missouri?

When it comes to groceries and food costs, Missouri generally aligns with prices found elsewhere in the United States or slightly lower.

According to Zippia, those in Kansas City pay over $312 on average each month.  

According to 2022 data from the Bureau of Labor Statistics, the average spending on food at home is $5,703 annually, or about $475 per month for US households.   

How much does transport cost in Missouri?

Transportation costs, including gas prices and vehicle maintenance, impact Missouri's overall cost of living.  

According to MIT, a single adult with no children can expect to pay upwards of $5,300. 

Gas prices in Missouri are typically in and around the national average. At the time of writing, Missouri was below the national average. These prices fluctuate over time.   

It is also worth noting that prices can vary across different regions within the state.  

How much is healthcare in Missouri?

Understanding healthcare expenses is crucial when considering the cost of living.  

According to the Missouri Foundation for Health, Missouri spends about $6,967 per person on healthcare annually, which is the 23rd highest amount in the country.

When paying insurance premiums, the average cost of a major medical individual health insurance plan is approximately $230 per person. However, prices vary based on age, gender, zip code, and other factors.

The specific healthcare costs in Missouri can vary depending on factors such as insurance coverage and individual circumstances.

Therefore, it is advisable to research and consult with healthcare providers and insurance companies to obtain accurate cost estimates. 

Check out the average cost of health insurance in the US here.

How much does childcare cost in Missouri?

How much you pay for childcare depends on the size of your family and the ages of your children.

According to Tootris, childcare for children aged between 0 and 24 months costs an average of $837 per month. This decreases to about $584 per month for older children.

Childcare is a huge cost for most families. According to childcareaware.org, a married couple with two children will pay 19.7% of their income on childcare. This is nearly 7% more than they'll spend on housing.

How much tax will I pay in Missouri?

Missouri’s state income tax rate works on a graduated system, with rates ranging from 2.00% to 4.80%.  

Here's a comparison of income tax rates among some neighboring states:  

Please note that these rates represent each state's highest income tax bracket rates and may vary based on income level and other factors. 

The sales tax rate in Missouri is 4.225%. However, additional local sales taxes may apply, varying by city and county. It's important to note that some local jurisdictions may have higher or lower sales tax rates than the state rate. 

You can also check out the complete guide to taxes in Missouri here.

What is the cost of retiring in Missouri?

Missouri's cost of living is generally lower than the national average, which could be a significant draw for retirees on a fixed income.

Previously, retirees in Missouri paid tax on their retirement account withdrawals and Social Security.

However, from all tax years beginning on or after January 1, 2024, the Missouri adjusted gross income limitation based on filing status will be removed when calculating a taxpayer’s public pension or Social Security/Social Security disability deduction.

This could mean more money in the pockets of retirees in the future.

Get expert financial advice

The amount of money needed to live comfortably in Missouri can vary depending on location, lifestyle, family size, and personal preferences. However, as the most expensive state in the US, you may need more than you first think. 

It's essential to consider these factors, along with personal circumstances and preferences, when evaluating the cost of living in Missouri.

Get expert financial advice and learn more about the cost of living and how to manage it with an SEC-regulated advisor. Let Unbiased match you with the best financial advisor for your needs.