The state of Missouri tends to maintain an economy that demonstrates the general fluctuations of the country in general. There are a few exceptions to this economic trend, and the housing market in Missouri is one such exception. The population in Missouri enjoys a lower percentage of persons who live below the poverty line than the nationwide average, with 11.7% of the states population living below the poverty line and 12.4% being the national average. The median household income for Missouri according to the 1999 US census data was lower than the national average, at $37,934, while the national average that year was $41,994. While the median income was lower than the national average, that didn’t affect the home ownership rate in the state adversely, which was 70.3% in 2000 compared to 66.2% nationwide. A likely reason for the higher home ownership rate is that the median value of an owner occupied housing unit in Missouri was $89,900 on the census, compared to $119,600 as the national average. This means that while the median household income was slightly less than average, the cost of home ownership was significantly lower than average. Disparities of this size tend to create higher home ownership rates, which we find in the census data.
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Many areas in Missouri are currently experiencing a housing boom. One such location is Springfield, which has a desirable economy and an attractive location in the Missouri Ozark Mountains
With the housing boom in the Ozarks, Springfield and the other nearby towns are now experiencing incredible growth while remaining as some of the most affordable housing markets in the nation.
Springfield appears to be protected from many of the symptoms that have a bad effect a housing market. Property sales continue to be strong the first part of the new year, and sellers are still seeing an overall gain in property values over the last year. Most buyers that purchase while it is still early in the year will encounter sellers that are anxious to sell their home, and can benefit as a result.
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The Springfield housing market has remained healthy. The new housing starts are staying strong in the urban center and in Greene County. The local economy remains strong and continues to grow, and all segments of the market remain robust. All in all, it is a good time to consider purchasing a home in Missouri.
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