In an article posted on July 14th 2008, Forbes.com ranked St Louis the third best city in which to buy home, just behind Austin and Houston.
The article examined “the country’s 40 largest metropolitan areas and looked at where home prices have appreciated over the last two years.” Statistics came from the US Census Bureau and the National Association of Realtors and measured vacancy rates and pricing information. This information was used to locate the cities where people are buying to live vs. investing to turn a quick profit. The cities that are ranked the highest are those where it makes more sense to buy rather than rent. The example used in the article highlights Cleveland and San Jose. The average monthly rent in Cleveland was determined to be $702 while in San Jose is it was $1612. In Cleveland a mortgage payment with taxes and insurance would be roughly the same but in San Jose a mortgage based on the median home price would be closer to $4000 a month.
According to the article, “with a family friendly culture, and a steadily appreciating median home price of $145,400, the “Gateway to the West” is a great place to buy a home.”
Check out 2634 Minnesota to view a home near the median price point determined by the article.