There was a recent article on CNNMoney.com that showed the results of a nationwide study by Deutsche Bank, who researched to find the 10 cities with the most affordable homes. Deutsche Bank looked at a market’s affordability two ways: the cost difference of owning vs. renting and the share of household income Americans are paying for homeownership. The 10 best cities for home buyers included St. Louis in the top ranking.
For St. Louis and the greater region, rent as a percentage of after tax mortgage payment is 123.0 percent. Home prices are currently down in the region and there has been a -11.7 percent price change since 2006.
Although the low home prices and influx of foreclosures are still making home buyers nervous, you could be paying more if you choose to rent. It is also a great opportunity for commercial investors to get a steal on properties to later develop.
There are many great deals on homes located in the St. Louis greater area. Give us a call about living and thriving in the Metro East.
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