Missouri offers a low cost of living (about 11% below the national average) with two genuine metro economies: Kansas City and St. Louis both provide diversified job markets in healthcare, finance, tech, and logistics. Housing is cheap by any national standard — median home prices in the $200,000s in both metros — and incomes are solid. The state income tax maxes out at 4.8% (dropping to 4.5% by 2027), and property taxes are among the lowest in the country. The catch is sales tax: Missouri has some of the highest combined sales tax rates in the U.S. when local additions are included. Springfield and Columbia offer strong value for their size, with university-town amenities at Midwest prices.
Missouri at a Glance
| Metric | Value | National Rank |
|---|---|---|
| Population (2024) | 6.2 million | 18th |
| Median household income | $65,920 | Below average |
| Median home price | $250,000 | Below average |
| Cost of living index | 88 | Below average |
| State income tax | 2-4.95% (decreasing) | Average |
| Sales tax | 4.225% (+ local up to 5.5%) | High combined rate |
| Property tax (effective rate) | 0.88% | Below average |
Income and Housing
| City/Area | Median Income | Median Home Price | Median Rent (2BR) |
|---|---|---|---|
| Kansas City | $65,000 | $270,000 | $1,200 |
| St. Louis (metro) | $68,000 | $260,000 | $1,150 |
| St. Louis (city) | $50,000 | $195,000 | $1,050 |
| Springfield | $47,000 | $220,000 | $950 |
| Columbia | $58,000 | $260,000 | $1,050 |
| Branson/Lake area | $45,000 | $250,000 | $950 |
| St. Joseph | $48,000 | $155,000 | $800 |
| Joplin | $47,000 | $175,000 | $850 |
Tax Note: High Combined Sales Tax
Missouri’s state sales tax is only 4.225%, but local additions make many areas 8-10% total — among the highest in the nation.
| Area | Combined Sales Tax |
|---|---|
| Kansas City | 9.10% |
| St. Louis (city) | 9.68% |
| Springfield | 8.10% |
| Columbia | 8.70% |
Missouri Pros and Cons
| Financial Pros | Financial Cons |
|---|---|
| 12% below national COL | Below-average income |
| Two affordable major metros (KC, STL) | Very high combined sales tax |
| Income tax decreasing toward 4.5% | St. Louis city has high crime rates |
| Low property taxes (0.88%) | Tornado risk (central/southwest) |
| Central location, low commute costs | Limited public transit |
Related: Cost of Living by State | State Income Tax Rates | Average Rent by State
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