There’s been a lot of buzz surrounding St. Louis recently. In fact, it’s one of the hottest real estate markets in the United States right now. It falls to the number two spot, just behind Providence, but ahead of major cities such as Atlanta, Sacramento and New Orleans. So, what is it, exactly, that makes this city the place to be living? Here are all my reasons for my why you should be living in St. Louis.
Affordable Homes and Mortgages
Homes in St. Louis are very affordable right now, as are the mortgages. St. Louis is number seven for new home buyers. On average, 11.2% of a homeowner’s monthly income goes to their mortgage. The ability to afford a mortgage is what makes St. Louis attractive to people looking to start a family. And 42% of mortgages are held by those between the ages of 25 and 34.
House prices, which average about $140,000, are 2.6 times the median income. This is much more affordable than other major cities. For instance, homes in Portland cost 4.2 times more than the average income, and homes in San Diego are 6.1 times more than the average income.
St. Louis also has a lower cost of living than most other cities. It is 29% less expensive than New York and 31% less than San Jose.
Growing Job Market
Both the Current Employee Survey (CES) and Current Population Survey (CPS) indicate that jobs have increased since May 2016. The CES reported that St. Louis added 1,000 jobs while the CPS reported 6,225 more jobs. Both of these are an all time high.
Listings in the technology industry, in particular, are growing quickly. As a matter of fact, they are growing faster than other, larger, cities. There are some major technology companies that are moving jobs to St. Louis. While St. Louis doesn’t house any major technological producers, it is home to a number of start-ups and cultural innovators who are putting St. Louis on the map. You could even call St. Louis a tech hub: the city has seen the fastest tech start-up growth of any other city and amazing things are happening.
Along with the growing job market, salaries are also increasing. In the technology field, salaries are higher in St. Louis than the national average. You can almost guarantee that, by living in St. Louis, you’ll be making a good living in the field of your choice.
St. Louis is also becoming quite the cultural hotspot in regards to food, shopping and things to do in the various neighborhoods that surround the city. As far as food is concerned, the city is known for BBQ, gooey butter cake and toasted ravioli, but it actually has a lot more to offer. Restaurants are offering inventive takes on old traditions. There is also a huge variety of locally sourced food, craft beers, unique restaurants as well as unique foods. There is so much to choose from, and it is never boring.
Shopping in St. Louis is also an experience. There are shops to suit all tastes, from eclectic boutiques to vintage-inspired shops, stores for the trendy set, designer brands, high-end stores and those that sell one-of-a-kind items. You would be hard pressed not to find something that fits your unique personality. Check out my top spots to visit in one of my favorite neighborhoods, the Central West End (CWE).
St. Louis has one of the hottest real estate markets in the country. With its affordable homes, growing job market and booming cultural scene, living in St. Louis is definitely worth considering if you are looking for a new city to move to. Contact me, Irene Hasegawa, to find the right place for your life here. Check out my current listings of homes for sale in St. Louis to find your new home!