St Louis Area Homes Are Affordable-Down payment Assistance Can Make Even More So

St Louis area homes are already affordable based upon the relationship between the median home price and median income for the area, but can become even more affordable when home buyers take advantage of down payment assistance programs that are available throughout the area.

Housing affordability is still good in spite of rising prices-

Data for April, from RealtyTrac, shows house payments on a median priced home in St Louis County required 23% of median income and in St Charles County required just 21% of median income while the national average was 23%.  Even with the hot market we have been in, and rising home prices in St Louis, affordability for April in both St Louis County and St Charles County were still lower than their historic norms of 24% and 22% respectively.

Downpayment assistance programs make homes even more affordable –

There are several (over 50) down payment assistance programs in Missouri with many of them available in the St Louis area.  To see a complete list of downpayment assistance programs available, along with complete program information, visit Downpayment Assistance Programs For Missouri.  To give you an idea of the type of assistance that is available, below is some data from buyers that received down payment assistance in the St Louis area in April 2015:

  • In St Louis County the average down payment help benefit received was $6,125.00 which represented 3.53% of the median sales price.
  • In St Charles County the average down payment help benefit received was $5,000.00 which represented 2.5% of the median sales price.
  • There are 24 down payment help programs available to people buying homes in St Louis County and 16 programs averrable to people buying in St Charles County.

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