The St. Louis metropolitan area is home to almost three million people, making it one of the larger communities in the region. It is a hub of economic activity, and some of the largest industries in St. Louis include service, manufacturing, trade and tourism. With numerous job opportunities available, many people are preparing to relocate to this metropolitan area to take advantage of new career prospects. If you are thinking about moving to this Missouri city, you may be interested to learn more about what the area offers its residents.
Types of Mortgage Loans in St. Louis
St. Louis housing is reasonably affordable, and because of this, many individuals and families who are preparing to relocate to this town are interested in buying a home. Most will apply for a home mortgage as part of this process, and you may be wondering what types of mortgage programs are available. Depending on your credit rating, your financial situation and other factors, you may qualify for a VA loan, a FHA loan, conventional financing, a jumbo loan or another type of home loan. These are some of the few mortgage options that have very competitive rates as well as a range of terms that you can select from. Your lender can tell you more about the loan options that you specifically qualify for.
Median House Prices in St Louis
The cost of housing is always a concern when preparing to relocate. You need to ensure that you can afford to pay for a home to purchase or rent before you make your final decision to move. In comparison to the national average, St. Louis housing is more affordable. In fact, the U.S. Census Bureau indicates that the median home price in this town is approximately $170,000. For those who decide to rent for a while before buying, the monthly rental rate is approximately $882 per month. There are variations to these prices in different communities throughout the metropolitan area.
Median Income Levels in St. Louis
You may already have a job lined up in St. Louis, and you may be wondering how your income stacks up to others in the area. Perhaps you are looking for a job and are not certain what reasonable salary expectations are. The median per capita income in St. Louis is $35,570, and the average household earns $59,755 per year. Your actual income may vary substantially based on your education, your personal skills, your experience in a specific field and more. It may be wise to research income potential for your actual job tile to learn more about this.
St. Louis Public Schools
If you have children, you may be wondering which school district they will be enrolled in after you move and about the quality of education they may receive. St. Louis Public Schools is the primary school district in the heart of the city, and it has a total enrollment of more than 23,500 currently. Notably, Metro High School is a magnate school that has ranked 92nd in a list of the top public high schools in the country by U.S. News and World Report. However, there are other school districts that educate students in various other areas of the metropolitan community. It is important to get detailed school district information from your real estate agent.
Crime Rates in St. Louis
Finding a safe place to live is a top priority, and as you might expect, crime rates in St. Louis are higher in the heart of the downtown area than in the suburbs. The safest areas of St. Louis are in the far northern and southern areas. This includes White House, Christopher Drive at Cripple Creek Drive, Oakville and others. Notably, the city on average had a higher crime rate in all ranked categories than the national averages. This includes in areas such as rape, assault, homicide, theft, burglary and others.
St. Louis has much to offer its residents in terms of affordable living, fabulous culture, great job opportunities and more. While there are some downsides to consider, you can easily work with your real estate agent to find a beautiful home that is affordable for your budget, meets your unique needs and is located in a safe community. Take time to get pre-qualified for your home loan now as a first step, and then you can start exploring different communities to find your St. Louis home.