Cost of Living in St. Louis, MO

An Overview of Cost of Living in St. Louis, MO

Getting a feel for the cost of living in St. Louis is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in St. Louis is 90, which is 10% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

In St. Louis, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in St. Louis will resemble that of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in St. Louis?

The real experts on a city are its residents. That's why we reached out to 46 locals to get their views on the cost of living in St. Louis. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 35% found it budget-friendly with decreasing prices, while 65% said it's simply not affordable as prices have continued to rise.

Is St. Louis Affordable?

Is St. Louis affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take St. Louis, for instance, where the median home price falls 22.2% lower than the national average, and monthly rent rates are 11.5% lower than usual. Additionally, median income levels contribute to the equation, with St. Louis flaunting a median household income of $45,782, 17.2% lower than the national norm.

What Factors can Influence the Cost of Living in St. Louis?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In St. Louis, the transportation index stands at 6.5% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In St. Louis, the groceries index registers 3.1% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In St. Louis, the housing index stands at 19% lower than the national average.

Where is the Data From?

The St. Louis cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.