St. Louis, KC buck national trend with affordable homes

Houses in St. Louis and Kansas City are more affordable relative to local incomes than they are in many big U.S. cities, the Associated Press reports.

In many cities across the country, rising home prices have made it difficult to buy homes and high rents leave less savings for people to pay for houses.

U.S home prices are likely to rise by five percent in 2016, according to Reuters. Across the country, the level of homeownership is near a 48-year low.

However, St. Louis and Kansas City, along with other cities including Minneapolis and Pittsburgh, are moving in a different direction. In the St. Louis metro area, people in the 25-34 age group make up 40 percent of the total mortgage paying population. Median value for homes in the metro area is $1520,00, or $24,000 less than national average.


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