By Dennis Norman, on July 27th, 2023 According to a study released earlier this year by WalletHub, Missouri property tax rates are the 29th lowest in the U.S. To determine the tax rates for this list, WalletHub took the median property tax payment for each state and divided it by the median property value to determine the effective tax rate. For Missouri, the median home price was $171,800 and median property tax was $1,676 resulting in an effective tax rate of 0.98%. Hawaii was the state with the lowest tax rate coming in at a scant 0.29% and New Jersey the highest at 2.47%.
WalletHub also compared “Blue States” with “Red States” and, as the infographic at the bottom shows, found that Red States impose lower real estate property taxes than Blue States.
Real Estate Property Tax Ranking By State
(click on map for interactive map showing ranking for each state)
Blue States vs Red States – Property Taxes
By Dennis Norman, on January 23rd, 2022 Most anyone that is interested in buying or selling a home is pretty much aware of two things: there is a low inventory of homes for sale and prices have increased a fair amount as a result. That part is likely largely a result of basic economics related to supply and demand. When the demand is greater than the supply, prices will increase. In St Louis, home prices have done just that. As the chart below (exclusively available from MORE, REALTORS®) illustrates, the median price of homes sold in January 2020 was $221, 200 and in January 2021 was $245,000, an increase of 10.8%.
Interest rates are the other part of the equation with regard to the “cost” of a home…
Since the overwhelming majority of home buyers that purchase a typical home in St Louis do so utilizing a mortgage or home loan, the interest rate on that home loan has a direct impact on what that home “costs” the homeowner in terms of the monthly payment. When buyers get pre-approved for a home loan, as well as consider how much they can afford to or want to, spend on a home, it all pretty much usually starts with the house payment. Therefore, we can’t underestimate the impact interest rates can have on home prices.
As the mortgage interest rate chart below shows, the average interest rate on a 30-year conforming conventional home loan in January 2021 was 2.811% and today has increased to 3.744%.
The change in the “cost” of a typical St Louis home in the past year…
So, if we look at the increase in the price of a typical St Louis home and then factor in the increase in the interest rates we find that the actual “cost” of a typical St Louis home (in terms of house payment) increased 25% n the past year. To keep things simple, I based this on a loan amount of 90% of the purchase price so the cost will vary depending upon downpayment of course and I’m only computing principal and interest so I’m not including escrows for property taxes or homeowners insurance.
- Typical payment on a typical St Louis home January 2021 – $ 805.00
- Typical payment on a typical St Louis home January 2022 – $ 1,009.00
Is it too late to buy since the cost has increased so much?
Continue reading “Typical St Louis Home Price Increased Nearly 11 Percent In Past Year – Payment On The Home Increased 25%“
By Dennis Norman, on May 5th, 2021 Lately, I’ve noticed several articles questioning whether the kind of crazy real estate market we’ve in for a while now is reminiscent of the early 2000’s which lead to a housing bubble that eventually burst in 2008. Granted, even in St Louis where we tend to not see the market extremes one way or the other like the coasts do, one could get the idea that maybe we’re headed that way with buyer’s fighting over new listings and bidding wars that have homes often selling for over the list price. However, in my humble opinion, this market is very different than the 2000 – 2007 market and we are not headed to a crash at this point.
Before I go further…my disclaimer…
I’m not an economist and I didn’t even stay at a Holiday Inn Express last night, I’m just a long-time real estate industry data junkie who has ridden the real estate roller coaster for 40+ years and have some thoughts on the current state of the market. While my comments may apply outside of our local market, my focus and commentary are on the St Louis housing market.
What’s different now from before…
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Continue reading “Why St Louis Is Not Headed Toward Another Housing Market Bubble or Crash“
By Dennis Norman, on April 9th, 2020 The average property tax amount in 2019 for a residential property was $2,840, according to the latest data released from ATTOM Data Research. Based upon the average estimated home value for the St Louis MSA of $211,816, this works out to an effective property tax rate of 1.34% which is slightly less than last year’s effective rate of 1.36% and is the same as the rate of 1.34% in 2016.
St Louis MSA Effective Property Tax Rates – 2016 – 2019
Data source: ATTM Data Solutions – Copyright 2020 -has St Louis Real Estate News
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By Dennis Norman, on May 27th, 2019 If you are a homeowner, then during the past week or so you probably received a change of assessment notice from your county assessor informing you of the Assessor’s new assessment of the value of your property. While most people purchase a home with the expectation of it going up in value and, generally, are excited when they find out it has increased in value, this is not one of those occasions. An increase in the Assessor’s opinion of your property value generally results in just one thing…a higher property tax bill.
What can you do if you don’t agree with the property reassessment on your property?
Fortunately, you do have options, including the ability to appeal the property reassessment if you feel it is high. Depending on the county the property is located in, you may even be able to do so by means of an informal conference that can easily be scheduled by phone. However, there are deadlines, so you must act fast. Even if you live in a county that doesn’t offer an informal hearing, or you don’t like the outcome of the informal hearing, you can appeal to the Board of Equalization. Then, if you don’t like the outcome of the Board of Equalization, you can appeal the assessment to the State Tax Commission as well. While this may sound a little overwhelming, the process really is not too bad.
Below are links to a couple of great property reassessment appeal resources that will walk you through the process as well as provide you with helpful phone numbers, links, tools, resources and more:
By Dennis Norman, on April 11th, 2019 Real property tax in Missouri consists of taxes assessed by the state of Missouri, the County the property is located within as well as the municipality the property is located in. Not all municipalities charge property tax though, and the rate charged by county varies, so there can be a fairly significant difference in property tax rates from neighboring municipalities and counties. The table below shows the 20 Counties in Missouri with the lowest effective property tax rates. At the top of the list is Benton County where the effective tax rate is just 0.11%. Franklin County is the only county in the St Louis area that made the list of 20 lowest tax rates, coming in at number 14 with a tax rate of 0.65%. St Louis County came in last on the list, with the highest property tax rate in the state at 1.35%. Click here to see the entire list.
Real Property Tax Rates In Missouri For 2018 By County
(Click on the table for the complete list)
Date Source ATTOM Data Solutions
©2019 – All Rights Reserved – St Louis Real Estate News
By Dennis Norman, on April 10th, 2019 Yesterday, I wrote about Missouri having the 27th lowest effective property tax rate of the 50 states, so today I decided to look at property tax rates for the largest MSA’s around the country. Included in my list are the 219 MSA’s with a population of 200,000 or more. As the table below shows, at the top of the list, with the lowest effective real property tax rate of the MSA’s is Laredo, Texas with an effective property tax rate of just 0.35%. The states of Alabama and Colorado both have 3 MSA’s on the list of the 10 MSA’s with the lowest property tax rate.
To see how the three MSA’s in Missouri stack up, click here to see the entire list.
Real Property Tax Rates In The U.S. For 2018 By MSA
(Click on the table for the complete list)
Date Source ATTOM Data Solutions
©2019 – All Rights Reserved – St Louis Real Estate News
By Dennis Norman, on April 9th, 2019 Missouri falls in about the middle of the states in the U.S. in terms of real property taxes based upon the effective rate. As the first table below shows, Missouri, with an effective property tax rate of 1.04% in 2018, comes in at the 27th lowest state. Hawaii is at the top of the list with the lowest effective tax rate at 0.37% and New Jersey comes in last with the highest property tax rate at 2.25%. Right behind New Jersey, is our neighbor to the east, Illinois, where the effective property tax rate is 2.22%, over twice as high as Missouri.
Continue reading “Which State Has the Lowest Property Tax Rates?“
By Dennis Norman, on December 6th, 2018 There were 752 home “flips” in the St Louis metro area during the third quarter of this year, representing 6.5% of the homes sold during the period, according to data just released by ATTOM Data Research. This is a decline of 7.4% from the prior quarter and a decline of 2.0% from the same quarter last year.
What is meant by “flipped” home?
ATTOM Data considers any home or condo that was sold during the third quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months as well as a “flip”. Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.
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Continue reading “The Number of Flipped Houses In St Louis Drops, As Do Profits On Them“
By Dennis Norman, on August 4th, 2018 In a neighborhood housing market report card just released by ATTOM Data Solutions, 10,950 neighborhoods across the nation were given a grade ranging from an A to an F. The neighborhood grades were based upon six factors related to the housing market: housing affordability, home price appreciation, public school scores, crime rates, unemployment rates and property taxes.
In all, 82 neighborhoods in the St Louis metro area received a grade with 28 of them receiving an A, 17 a B, 13 a C, 8 a D and 16 received an F. The list below shows the top 10 St Louis neighborhoods on the list (you can click on it for the complete St Louis list). As the list shows, the neighorhood of “Riverwood” in the 63031 zip code area of Florissant was ranked at the top of the list for St Louis, coming in at 41 nationally.
St Louis Neighborhood Report Card – Top 10
(click on list for complete list showing atll 82 St Louis Metro Neighborhoods That Received a Grade)
By Dennis Norman, on July 4th, 2018  Today, the Fourth of July is the day we celebrate the signing of the Declaration of Independence which took place 242 years ago on July 4, 1776. With the signing of this Declaration, the 13 colonies, or united States, declared their independence from Great Britain and thus, the United States was born!
While I don’t recall the specific number of times I have read this document, I can say with reasonable certainty that I doubt the number would take more than one hand to count. It’s pretty amazing that such an important document while referred to often, and celebrated annually, is read so little. Or, perhaps, I’m in the minority and others read it more often than I.
In any event, in celebration of “the 4th of July” or, more accurately, “Independence Day”, I just read the complete context of the Declaration of Independence and have shared it below for all that are interested to read. When you take the time to read it, think about what was happening at the time, the number of people that risked their lives, and gave their lives to create this, then later defend it, and then digest it all, it’s a pretty amazing document.
Continue reading “Happy Independence Day!“
By Dennis Norman, on June 7th, 2018 During the first quarter of this year, there were 600 home “flips” in St Louis or about 8.6% of the homes sold in St Louis, according to data just released by ATTOM Data Research. This rate of flipped homes is up 5% from the prior quarter, however, is down 7% from a year ago. The decline certainly doesn’t have anything to do with a lack of interest by investors in flipping, it has more to do with a low inventory and declining mortgage delinquency and foreclosure rates reducing the opportunities.
What is a “flipped” home?
In the report issued by ATTOM Data Research, any home or condo that was sold during the first quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months as well, was considered a “flip”. Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.
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Continue reading “House Flipping Volume In St Louis Down From Year Ago“
By Dennis Norman, on October 7th, 2016 Over the past 5 years or so I have written a few articles on the topic of the mortgage interest deduction (MID) and how, in spite of what many others in the industry say, I didn’t think it was that critical to the housing industry. All the while, the National Association of REALTORS (NAR) (of which I’m proud to be a member, just happen to disagree on this topic) has staunchly supported the MID and warned that if the deduction went away the housing market and home buyers would suffer. NAR published a fact sheet on the topic stating:
By Dennis Norman, on January 27th, 2016 Before I begin, I should point out that what I’m about to tell you runs contrary to what the National Association of REALTORS® (NAR), the largest trade association in the country and one I belong to and support, will tell you. The NAR position on the mortgage interest deduction (MID) is, quoting from their website, “the mortgage interest deduction (MID) is a remarkably effective tool that facilitates homeownership.” Many St Louis REALTORS® will echo the message of NAR but I think if more people took the time to look into the MID, and do a little simple math, they would see that the mortgage interest deduction does not appear to offer any real benefit to the ordinary, typical homebuyer in St Louis.
What brought this to mind this morning was a friend of mine on Facebook (who is a loan officer for a St Louis mortgage company) posted a link to an article written by an owner of a Chicago real estate company outlining the benefits of the MID and, while I think he did an excellent job of laying out the potential tax savings of deducting mortgage interest and property taxes on a home, I think he left out a key component, namely, the Standard Deduction.
Why the MID doesn’t help the normal home buyer in St Louis:
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Continue reading “The Truth About The Mortgage Interest Deduction“
By Dennis Norman, on August 12th, 2015 In case you are concerned that the real estate industry is not subject to enough regulation, do not let your heart be troubled as new regulations imposed by the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law back in 2010, affecting home mortgages go into effect October 3, 2015. There has been much talk in the industry about the changes, which are fairly wide-sweeping including changes in the timing of, and type of required disclosures to the borrower as well as a brand new combination loan disclosure form and closing statement. Below, is an overview of some highlights of the changes that I think will most affect St Louis home buyers and sellers as well as links to several additional resources as well.
The New TRID…
Presently, a home buyer, at closing, receives a Truth In Lending Disclosure as well as a HUD-1 closing statement. The former provides the details of the loan including interest rate, APR, costs associated with the loan as well as other details to comply with the Truth in Lending Act (TILA) CFPB Guide (TILA) and the latter provides a summary of the home purchase transaction such as purchase price, credits or charges to the buyer as well as other details required by the Real Estate Settlement Procedures Act (RESPA).
Beginning October 3, 2015, the two forms above will be combined into one, consumer-friendly, TRID (TILA-RESPA Integrated Disclosure) form. The new TRID will present all the important financial details of the loan and home purchase into one form which will be much easier for the typical consumer to benefit form than the current forms.
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5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading “How Will Implementation of Dodd-Frank Affect The Real Estate Market?“
By Dennis Norman, on April 2nd, 2015 Real property tax rates in St Louis County effectively cost homeowners in that county about 1.43 percent of the value of the home which is 57 percent higher than Jefferson and Franklin counties were property taxes cost homeowners about .91 percent of their homes value. In St Charles County, property taxes are about 1.34 percent of the homes value.
Effective Real Property Tax Rates In St Louis*
 *Median real estate taxes paid and median home price based upon U.S. Census Data from the 2013 ACS Estimates
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Continue reading “Property Tax Rates In St Louis County Highest In Area – Over Fifty Percent Higher Than Some Neighboring Counties“
By Dennis Norman, on March 12th, 2015 Almost half (42%) of the residents in Missouri plan to buy a home within the next five years, according to the recently released BMO Harris Home Buying Report. Buyers surveyed indicated they plan to pay an average of $242,000 for a home when they move and almost half of the potential home buyers have indicated they are willing to get into a bidding war to get the home they want.
Report Highlights:
- Buyers expect to make a down payment of 20 percent on average
- Seventy-five percent are confident they will have the money they will need to make a down payment on their next home.
- Thirty-five percent of current tenants are worried they will not be able to afford to purchase a home.
- Twenty percent expect to buy a home within one year, twenty-three percent within two years and forty-two percent within five years.
“Going from renting to buying is a big step, so it’s important to work with someone who knows the ins and outs of mortgages,” said Jeff Fothergill, St. Louis Mortgage Market Manager, BMO Harris Bank. “Whether you are a first-time home buyer or a veteran homeowner, it’s important to have a mortgage professional who will be able to explain the process, breakdown the numbers, and identify the mortgage options that are suitable for your particular situation.”
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Continue reading “Almost Half Of Missouri Residents Expect To Buy A Home In The Next Five Years“
By Dennis Norman, on August 26th, 2014 The Mortgage Interest Deduction (MID) is often a topic of much debate often around whether or not it truly helps promote home ownership or is just a another tax break for higher income tax payers. The interesting thing is, the best I can tell, when the deduction for interest was first established it actually had nothing to do with promoting home ownership but instead was intended to benefit proprietors and small business owners. Few realize that the deductibility of interest goes back to 1913 when Congress ratified the Sixteenth Amendment to the constitution which gave the government the right to “to lay and collect taxes on incomes, from whatever source derived.” At the time this passed, people did not obtain loans to buy homes but instead paid cash for them and the provision to allow for the deduction of interest was put in primarily to benefit businesses.
In June, there was working paper published by Jason Fichtner, Senior Research Fellow and Jacob Feldman, Research Analyst, at Mercatus Center at George Mason University titled “Reforming the Mortgage Interest Deduction” (scroll down for charts as well as link to complete report). In their paper, Fichtner and Feldman make several points in opposition to the mortgage interest deduction (MID) including:
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(We work hard on this and sure would appreciate a “Like”) Continue reading “Study Shows Mortgage Interest Deduction Primarily Helps Higher Income Homeowners“
By Dennis Norman, on July 24th, 2014
St Louis County will hold it’s annual sale of tax delinquent property next month on August 25, 2014, beginning at 10:00 am in the County Council Chambers in the County Administration Building in Clayton. To be eligible to bid you must register prior to bidding. Registration will begin at 8:30 am on the tax sale day in the office of the Collector of Revenue in the County Administration Building.
A complete list of all properties available for bid, as well as complete instructions on how to participate in the tax sale, can be found online here.
For more information you can contact the delinquent tax department of St Louis County at 314-615-4207.
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By Dennis Norman, on May 2nd, 2014 Do you think the assessor’s property value on your house, or other real property, too high thereby making your property taxes higher than they should be? If so, then now is your chance to do something about it by filing an appeal the valuation. Many homeowners I talk with think that because property value reassessment is only done by the assessors office every two years on the “odd” numbered years, that you are stuck with your value until the next reassessment but that is not the case.
Missouri state law requires all assessors in the state to “determine the fair market value of property as of January 1 of the reassessment year, which is every odd numbered year, such as 2013”, however, they give property owners the assessor’s property value every year. The catch is, for property owners to appeal now, they will be appealing the property value established as of January 1, 2013, so if you already appealed that value last year, you cannot appeal it again this year. However, for property owners that did not file an appeal last year challenging the 2013 assessor’s property value, then they can file this year.
Find your home’s market value online in LESS THAN A MINUTE!
(We work hard on this and sure would appreciate a “Like”) Continue reading “Assessor’s Property Values Can Be Appealed This Year“
By Dennis Norman, on August 8th, 2013 
That’s right, along with very affordable home prices, Missouri also has almost the lowest closing costs in the nation at an average of $2,188 for lenders’ origination fees and third party fees, second only to the state of Wisconsin with average closing costs of $2,119, according to the 2013 closing cost survey by Bankrate.
See table below for survey results for all states:
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By Dennis Norman, on July 26th, 2013
The truth on the Mortgage Interest Deduction
Currently, lawmakers in Washington D.C., while looking for ways to “close loopholes” and cut spending, are looking hard at something once considered “untouchable”, the mortgage interest deduction (MID). While there is probably little chance of totally eliminating the ability for homeowners to deduct the mortgage interest they paid on their homes, there is a possibility the deduction could be altered significantly or capped, and, perhaps, even phased out over time.
Like most current events, there are stories out there with varying degrees of accuracy about the benefit of the mortgage interest deduction as well as who it benefits. In response to the rhetoric out there, economists with the National Association of Home Builders have published a list of ten common claims about the MID and their findings as to the validity of those claims after researching data from the IRS, Census Bureau as well as other sources. The complete results are shown below:
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By Diana Davis, on March 21st, 2013  Making Sense of Confusing Real Estate Terms
If you are buying, selling or refinancing a home you will come across real estate terms and industry lingo that may sound foreign to you. To help address this issue, below you will find definitions for the most common real estate terms that you are likely to come across when buying, selling or refinancing a home. If you have other questions about title insurance, or the role of the title company in these transactions, please contact me and I’ll be happy to help.
 Continue reading “Real Estate Terms Defined“
By Robert Fishel, on February 13th, 2013  “Nobody ‘wants’ to pay PMI, it’s just that we have no choice, especially if you want to buy a house and don’t have say an extra $50k to $80k lying around for a down payment, which most first-time buyers don’t.” Chris Durst, a first-time homebuyer and commenter on Investopedia.com.
The credit experts at MGIC, the nation’s largest private mortgage insurer, wants Realtors® and Lenders alike to know that financing with MI creates opportunities for borrowers: Continue reading “Nobody ‘wants’ to pay PMI; St. Louis Mortgage Interest Rate Update“
By Dennis Norman, on February 8th, 2013  Missourians have received more than $112 million of mortgage relief as a result of the National Mortgage Settlement reached a year ago with the nations largest lenders, according to Missouri Attorney General Chris Koster. Koster, along with Attorney General’s from other states, sent a letter to Congress last November urging them to extend a measure that was due to expire at the end of 2012 that would provide tax relief for some people receiving mortgage relief in the form of principal reduction and short sales. January 1, 2013, Congress passed the extension as part of the American Taxpayer Relief Act of 2012. Continue reading “Mortgage relief received in 2012 may not be taxable“
By Robert Fishel, on January 23rd, 2013 As part of the fiscal cliff deal, Congress extended the cancellation of mortgage debt relief provision for 1 year, through the end of 2013.
It seems there is little focus on the importance of this law, it is crucial to foreclosure mitigation efforts such as principal forgiveness and short sales.
Normally, when a lender forgives all or a portion of a borrower’s debt, U.S. law decrees that the forgiven amount is considered taxable income to the borrower. This “forgiveness” is also known as Cancellation of Debt (COD) Income. COD must be included in a taxpayer’s gross income. The Mortgage Forgiveness Debt Relief Act allows homeowners who received principal reductions or other forms of debt forgiveness not to pay taxes on the amount forgiven.
Consult your tax adviser to determine whether the Mortgage Forgiveness Debt Relief Act is relevant to your particular situation.
Continue reading “Cancellation of Debt; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on October 19th, 2012 If the last time you looked at your mortgage was when you closed on your loan, it’s time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities.
Is a fixed rate mortgage the best choice for you?
Many of us opt for the certainty of a 20 year or 30 year fixed rate mortgage when we get our first mortgage. If you anticipate selling your home within the next 10 years, one of our new hybrid loans may be a better financial fit for you. Hybrid loans typically have a lower fixed rate than a traditional 20 or 30 year mortgage. The savings you receive can well be worth switching to a hybrid loan. Continue reading “Give your mortgage an annual once over; St Louis Mortgage Interest Rate Update“
By Dennis Norman, on September 17th, 2012 
Maybe you are a seller that has found yourself faced with the reality that you can’t sell your house or condo for a price today that will yield enough to pay off your loan, and you are not a candidate for, or don’t want to do, a short-sale? Or, maybe you are a seller with a house or condo that, for one reason or another, there is very limited demand for and, in fact, it seems that perhaps no one wants to buy what you have to sell? If so, you may want to consider using a lease option or a lease purchase to sell your home? After-all, there is a large demand for lease-options and lease-purchases by buyers but, there are risks you should be aware of and a lease option or lease purchase is not a sure thing.
Before considering selling your home using a lease option or selling your home on a lease purchase you should consult your attorney for advice (remember, I’m not an attorney and this article is not legal advice) as well as your CPA or tax professional (nope, I’m not a CPA either) however, from a 30+ year active broker, and an investor that has done many lease-options, below is a basic explanation of a lease option and a lease purchase as well as some pros and cons of selling your home utilizing a lease option or lease purchase as I see it: Continue reading “Should I use a lease option to sell my home?“
By Dennis Norman, on September 14th, 2012 Should I rent or buy a home in St Louis? This is a question that I’ve been asked dozens of times over the past couple of years and one that given the fact that home affordability is at an all time high and mortgage interest rates at an all time low, is generally easy to answer with “buy if you can”. I guess I many not have realized just HOW much sense that made financially, until a report came out a few days ago that looked to answer this very question and found that home ownership was 45 percent cheaper (on average) than renting in all 100 largest metro areas in the U.S. In St. Louis, with an average monthly cost of home ownership of $593 and rental cost of $1,251, according to Trulia1, there is 53 percent less cost owning a home versus renting a home.
1Trulia looks at homes for sale and for rent and calculates the average rent and sale price across all listed properties in a metro area. Then, Trulia factors in the total costs of homeownership (e.g., closing costs, maintenance, insurance, taxes, etc) and total cost of renting (e.g., renter’s insurance and security deposit). The starting assumptions are that a prospective homebuyer can get a low mortgage rate of 3.5 percent, itemizes their federal tax deductions, is in the 25 percent tax bracket, and will stay in their home for seven years. People in the 35% federal income tax bracket are also assumed to pay 5% state income tax. To account for the opportunity costs, Trulia calculates the net present value of the payment streams for renting and owning.
By Dennis Norman, on August 2nd, 2012 
As long as you plan to stay put for at least 2.5 years, you are better off financially to buy a home in St. Louis versus renting a home, according to a new report by Zillow. On a national level, the average that you needed to stay in a home before buying a home made sense over rental was 3 years.
In calculating the “cost” of owning or renting a home, Zillow took into account the down payment (or deposit), mortgage and rental payments, transaction costs, property taxes, utilities, maintenance costs, tax deductions and opportunity costs, while adjusting for inflation and forecasted home value and rental price appreciation. The table below shows the results for the 30 largest metro areas in the U.S. Continue reading “Should you buy or rent a home in St. Louis?“
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