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Want to see if Missouri fits your budget and lifestyle? Importantly, what is the cost of living in Missouri? Read our guide to decide if this state is right for you.
Housing, groceries, healthcare, and utilities are cheaper than the national average, making Missouri among the most affordable states. This blog will detail Missouri’s living costs and compare them to national averages. It aims to assist those moving for work, retirement, or a fresh start. Let’s explore what Missouri offers!
What is The Average Cost of Living in Missouri?
Missouri attracts people with its low living costs, diverse cities, and natural beauty. These factors promise a good quality of life without high expenses. Whether you prefer city life or country calm, Missouri has affordable options.
Here’s a quick look at the costs:
- For a single person: $23,500 a year.
- For a family of four: $57,240 a year.
These figures cover basics like rent, utilities, food, and transportation.
Costs differ by location. Cities like St. Louis and Kansas City have higher housing and transport costs. They offer vibrant lifestyles but at a price. In contrast, rural Missouri is much cheaper, especially for housing and daily needs.
Read Related Article: What is the Cost of Living in Mississippi?
What Are Housing Costs in Missouri?
Missouri appeals to budget-conscious people. The average home goes for $247,482. Prices, however, vary by location. Bigger cities are pricier, while rural areas are cheaper. The rental charges are reasonable but for those who want to settle down. Here’s a breakdown by city:
- Kansas City: $1,350.
- St. Louis: $1,225.
- Springfield: $1,200.
- Independence: $1,226.
- Columbia: $1,395.
How Much Taxes do I Pay in Missouri?
Taxes significantly affect the cost of living in Missouri. Like most states in the country, this state imposes taxes on its residents, but surely not high. The state primarily has two taxes imposed: a graduated income tax and a sales tax, starting from 2% and a maximum of 4.80%.
Also, Missouri has a sales tax of 4.225%. However, local areas can add their taxes. This can increase the total sales tax. In areas such as St. Louis, this tax can be a whopping 8.679%
Missouri’s property tax is lower than the national average. It’s known to be around 0. 93%. This makes Missouri appealing to homeowners. Lower property taxes reduce living costs.
Read Related Article: What is the Cost of Living in Illinois?
How to Manage Cost of Living in Missouri
Limit Dining Out: Eating out often raises monthly costs. Instead, cook at home and save dining out for special occasions. Meal prepping can also help save time and money.
Review your Expenses Regularly: Costs change, so review your budget often. Adjust for inflation, rising costs, or income changes to ensure you stay on track.
Save on Healthcare Costs: Healthcare in Missouri is generally cheaper than the national average. Consider a Health Savings Account for unexpected costs.
Create a Detailed Budget: Make a budget for your Missouri living costs. Then, track your spending. This helps find areas to save.
Utilize Local Food Banks and Assistance Programs: Families with grocery struggles can contact Missouri’s food banks and assistance programs for help.
Utility Expenses in Missouri: What to Expect
Utility costs in Missouri are key for budgeting. Residents typically pay about $447 a month for basics. These include electricity, water, internet, natural gas, phone bills, and streaming. Here’s the average breakdown:
- Electricity: $118.55.
- Water: $39.
- Internet: $20.
- Natural Gas: $108.
- Phone Bill: $114.
- Streaming: $47.50.
Costs vary based on home size, energy use, and local providers. Larger homes or those with old appliances often face higher bills.
Grocery Prices and Food Costs in Missouri
When compared to grocery prices around the United States, Missouri’s prices are the lowest. Most times, they remain at or below the national average. For instance, the average grocery expenditure in Kansas City is about $312 monthly. This makes Missouri appealing for those wanting to save on food.
Here are some typical grocery prices in Missouri:
- Milk (1 liter): $1.01.
- Bread (0.5 kg): $2.98.
- Chicken Breast (1 kg): $10.
- Eggs (12 count): $3.07.
- Cheese (1 kg): $11.60.
These prices match national averages, making groceries affordable for families. Eating out is also cheap. A typical lunch costs about $17.30.
Read Related Article: What is the Cost of Living in Michigan?
Transportation Costs in Missouri
Transportation is a major cost in Missouri. Gas prices usually match the national average but can vary. An adult without children spends about $5,300 yearly on gas, car upkeep, and travel.
Here are typical transportation costs in Missouri:
- Gas: About $0.84 per liter.
- Local ticket: $2.45.
- Taxi (8 km): $16.90.
- Monthly pass: $59.60.
Car ownership is common, especially in rural areas with limited public transport. Missouri’s gas prices are relatively low, making it affordable for drivers. Regardless of the choice, there are options to manage transportation costs.
How Much Does Healthcare Cost in Missouri?
Healthcare in Missouri is cheaper than the national average, so it is easier to access. The state pays for healthcare at a user’s expense, about $6,967.
Key healthcare costs in Missouri include:
- Individual health insurance: $230/month.
- Doctor’s visit: $105.
- Prescription medication: Varies, but generics are cheaper.
- Hospital stay: About $5,000, depending on the services needed.
It’s vital to compare insurance options and providers. This will help you find the best coverage at the lowest price despite its affordability.
What Are Education and Childcare Costs in Missouri?
Education and childcare costs are vital for Missouri families to budget. Key childcare costs in Missouri are:
- Infant care: $837/month.
- Care for older kids: $584/month.
- Preschool: $500–$700 per month.
- Higher education: $9,000 to $14,000 a year.
Entertainment and Leisure Expenses in Missouri
Missouri offers various entertainment and leisure activities for different budgets. The state has a low cost of living, but entertainment prices vary by activity and location. A movie ticket averages $13.10. Meanwhile, a gym membership costs about $45.70 monthly.
Here are some common costs:
- Haircut: $17.1.
- Branded Jeans: $52.3.
- Branded Sneakers: $85.
- Gym Membership: $45.7.
- Cinema Ticket: $13.1.
- Dinner for two: About $61.20.
Missouri also has free or low-cost options like parks, trails, and festivals, making affordable entertainment easy to find.
Read Related Article: What is the Cost of Living in Colorado?
How Much Does It Cost to Live in Missouri?
Missouri’s cost of living is lower than in many U.S. states. A single person’s monthly expenses average $1,919, covering rent, utilities, food, and transportation. This depends on location, choice of accommodation, and lifestyle.
However, for families, the amount is likely to surge to approximately $4,720, which includes rent, utilities, child-minding, health care, food, and transportation, among other things. Missouri’s low cost of living is an asset. It offers affordability and a quality lifestyle as well. People can enjoy a good way of life if they make reasonable plans that do not push them beyond their limits.
How Beem Can Help Manage Costs in Missouri
Managing living costs in Missouri can be tough, but Beem offers a way out. Beem’s Everdraft feature helps you withdraw $10 – $1000 of verified bank deposits early. There are no credit checks, interest, income restrictions, due dates, or tips. Download the app here!
Beem provides tailored advice on cutting spending. For example, it recommends cheaper housing, tips on lowering utility bills, and strategies for saving on food and transport.
Read Related Article: What is the Cost of Living in Hawaii?
Conclusion
Missouri is affordable and offers diverse landscapes and a rich culture, which attracts individuals and families. It excels in affordability and quality of life but might not suit everyone. With the right guidance, Missouri could be your perfect, affordable home.
For moving advice, consider Trybeem. It’s designed to aid in financial decisions. If you want to invest this money and take a step towards your financial security, try Beem! Get insights on your financial health, take personal loans, or monitor credits, all in one place!
FAQs for What is the Cost of Living in Missouri
What is the average cost of living in Missouri?
A single person in Missouri spends about $1,919 monthly, and a family of four, around $4,720. This covers housing, utilities, groceries, and essentials. Costs vary by city. Bigger cities like St. Louis and Kansas City are more costly than rural places.
How do housing costs in Missouri compare to the national average?
Housing in Missouri is cheaper than the US average. The typical house costs about $247,482. This value is still lower than the national median.
Are utilities expensive in Missouri?
Utilities in Missouri are quite affordable. Residents spend about $447 monthly. This includes electricity, water, internet, and gas. Breakdown: electricity ($118), water ($39), gas ($108). By managing energy use and comparing providers, residents can save more.
What are the transportation options and costs in Missouri?
Transportation costs vary. Larger cities like St. Louis and Kansas City offer public transport. A local ticket costs about $2.45, and a monthly pass is around $59.60. Gas prices match the national average. You can take a taxi or an Uber-like service.
How much should I budget for groceries in Missouri?
Missouri’s grocery prices are quite reasonable. On average, one person spends about $300 a month on groceries. Milk costs $1.01, bread costs $2.98, and chicken costs $10 per kilo. These numbers are way below the national average of $475 per month.
