Missouri – “Show Me” Some Housing Recovery!
Even though the Great Recession was officially declared “over” in 2009, Missouri’s jobs market has taken a whole lot longer to dig itself out of the trenches. In fact, the unemployment rate here didn’t even dip below 8% until January 2012. But, honestly, what people want to see most in the Show Me State now is some recovery in the housing market!
According to the Federal Reserve, this state started off 2013 with a housing market that was “soft”. The number of homes for sale around Missouri is going up, but the market here isn’t as strong as it is in other places. So, people here need to be content with steps in the right direction – no matter how small they seem to be.
In keeping with that trend, realtors in St. Louis say the prices in Missouri’s second-largest city are slowly moving upwards. By the end of 2012, the average price was about 1% higher. However, America as a whole saw prices rise more than 7 times that much!
Because of the lingering concerns, St. Louis’ rental market is still on fire – especially in the Downtown area. The only problem? The apartments for rent in St. Louis are getting harder and harder to come by. And the ones that are vacant are incredibly expensive. It’s not uncommon to see one bedroom apartments cost $1,000 per month – or more! And, until the St. Louis housing market picks up, rental prices will continue to go up.
OK, so what about Missouri’s biggest city – Kansas City?
Realtors in Kansas City had watched prices go down for years. Now, they say, prices have finally stabilized. And, making things even better, the time it’s taking homeowners to sell their homes has shortened considerably.
As of the end of 2012, the average selling price for a new home in Kansas City was $347,486 – a 16% increase compared to 2011. The average selling price for an existing home was $158,418 – an increase of 15% compared to 2011. So, homes here aren’t just selling faster; they’re selling for more money!
And, unlike many other metros, those prices aren’t being driven up by a lack of demand. Instead, realtors around Missouri say that Kansas City’s inventory was 4.8 months at the end of 2012 – just shy of the 6 months that real estate experts consider to be “healthy”.
So, even though the experts are still waiting for Missouri’s housing market to shift into high-gear, the market here has plenty to “show” – and much of it will leave you smiling!
Living in Missouri
Missouri has a lot to offer – with its rolling hills, open flatlands and prairies, intriguing caves, and more than 1,000 miles of navigable waterways!
The state is unofficially nicknamed the “Show Me State”, which implies that Missouri’s people show a commitment to common sense.
As far as the weather goes, the summers are generally hot and humid, and the winters are cold. In fact, those cold temperatures can be extreme because there aren’t any mountains here to block the cold Artic air.
Before you head off to Missouri, let’s go over some of its fast facts:
- What is the population of Missouri?
- The population of Missouri is 6,021,988
- What is the capital of Missouri?
- The capital of Missouri is Jefferson City
- What is the largest city in Missouri?
- The largest city is Kansas City
Because of its location, Missouri contains substantial amounts of limestone. In fact, the economy is driven by mining. Other major industries include food processing, chemicals, transportation equipment, electrical equipment, and aerospace.
Missouri’s tourism also helps to support its economy. The Gateway Arch, for example, is a major tourist attraction in St. Louis. It was constructed as a monument to the westward expansion of the U.S.
If you enjoy gardening, the Missouri Botanical Garden, also located in St. Louis, features 79 acres of horticultural display and a 14-acre Japanese strolling garden.
Art lovers will appreciate the St. Louis Art Museum, which is one of the chief art museums in the country. And best of all, admission is free – making it the perfect way to spend a budget-friendly day!
If you like the excitement of amusement parks, Six Flags St. Louis is located in Eureka, while Kansas City is home to Worlds of Fun, a 235-acre amusement park.
If you are a history buff, you will appreciate living in a state rich in history. Missouri is the starting point of both the Pony Express Trail and Oregon Trail. Plus, the Missouri River, which runs east to west separating Missouri into north and south, is well known for the adventures of Lewis and Clark.
Turns out Missouri has a lot to “show” you!