The 5 Most Affordable Places to Live In Missouri

Jamie Ayers


Jamie Ayers

October 22nd, 2021
Updated October 22nd, 2021


Finding the most affordable places to live in Missouri is challenging even if you're a native. Missouri has a median home value of $221,400. When you add in maintenance costs and property taxes, it can be difficult for many to buy and own a home. Because of that, we scoured the data to find the most affordable cities in Missouri, looking at median home prices, cost of living, and other factors to find your best options.

Looking for the most affordable places in Missouri is a start, but you'll save even more money by working with a great agent. The top Missouri real estate agents know the local market and where to find pockets of more affordable homes. They can also help negotiate a better price when you do find your dream home.

Ready to buy? Clever is a free service that connects you with the best real estate agents in Missouri from top brokers, like Keller Williams and RE/MAX. With a Clever agent, you'll get instant MLS alerts on affordable Missouri homes, on-demand showings, and an expert negotiator on your side.

>> MORE: Find a great local agent with Clever!

Ready to learn more about the most affordable places in Missouri? These are our top picks.

1. Webb City

This beautiful town of about 11,000 is right on the Kansas border and is within sight of the Ozark Mountains. Until a few years ago, Webb City boasted not only the lowest cost of living in Missouri but in the entire country. Though it doesn’t quite hold the crown anymore, it’s still incredibly cheap, and considering the amenities and location, it offers great value.

Though it was in a long economic decline for several decades after the local mining industry collapsed, the manufacturing base is slowly but steadily being revitalized. Who knows how much longer Webb City will be so affordable? Also consider that as home values start to rise in a town that’s so historically affordable, you might want to think about doing some investing.

According to Niche data, the median income in Webb City comes in at $48,318 and the median home value is $102,200 for 2019.

2. New Franklin

New Franklin is a quaint little Missouri town that just might be the most affordable place to live in the entire state. With a little over 1,100 residents, New Franklin features several parks, including nine-acre City Park, and it’s right on the historic Katy Trail, a 237-mile long trail that’s been repurposed for cycling, walking, or hiking.

The median home value in New Franklin is a very affordable $80,900 and the average monthly rent is $412. The median household income in New Franklin is $31,500.

Finding a home to buy here is easier with a local agent! With Clever, you'll find a great Missouri realtor who can help with your home search.

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3. Fayette

This idyllic town of nearly 3,000 residents is only 26 miles from Columbia and is surrounded by gently rolling hills. Because Central Methodist University is located here, it combines the vibe of an old-fashioned small town with a Midwestern college town. Along the picture-perfect main street are art galleries, restaurants and cafes, and boutiques.

There are multiple lakes within an hour’s drive and the presence of the university means there’s a significant art scene here. Despite all these amenities, it’s one of the most affordable places in Missouri, with a median home value of $81,300 and an average monthly rent of $740. The average household income here is $40,006.

4. Aurora

Known as the Summit City of the Ozarks, this midsized town of 7,800 offers a great quality of life as well as a low cost of living. The town boasts five parks, and supposedly Brad Pitt is a descendant of the founders of the town.

The median home value in Aurora is $78,100, and the average rent is $686. To put that in perspective, the average household income here is $36,563.

» FIND: Top Real Estate Agents in Missouri

5. St. Ann

This mid-sized suburb of St. Louis was founded in the post-World War II boom and quickly mushroomed to nearly 20,000 residents. Though it’s no longer growing as much as it was in the 60s and 70s when outside development money built shopping centers and retail complexes, St. Ann has stabilized as a community with an emphasis on redevelopment and revitalization.

Today there are a little more than 13,000 residents, but the town boasts one of the best public parks programs in the state, as well as top-notch public schools. The fact that it also offers one of the lowest costs of living in the state makes it a no-brainer for anyone looking to settle down in a place where they’ll get the most bang for their buck.

The median income in St. Ann comes in at $46,680 and the median home value is $87,000 for 2019.

How to find affordable homes in Missouri

Whether you want to live in a bustling Missouri metro area or a tranquil small town, there's plenty to love in Missouri. Working with a local real estate agent is the best way to find the most affordable places to live in Missouri.

Ready to start house hunting? Clever is a free service that can match you with the best realtors in Missouri.

👋 Next steps: Talk to an expert

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

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