Cost of Living
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For all that Greater St. Louis has to offer, the cost of living here is considerably low. In fact, the community is the lowest cost of living among the nation’s 20 largest metropolitan areas in the first quarter of 2008, according to the Council for Community and Economic Research (C2ER). | Cost of Living - Top 20 Metropolitan Areas | | Metro Area | Index | | St. Louis, MO-IL | 90.0 | | Houston, TX | 90.3 | | Dallas, TX | 91.9 | | Atlanta, GA | 97.6 | | Detroit, MI | 97.6 | | Tampa, FL | 99.1 | | U.S. | 100.0 | | Phoenix, AZ | 101.6 | | Minneapolis, MN | 109.3 | | Chicago, IL | 111.5 | | Miami, FL | 117.8 | | Riverside, CA | 121.2 | | Baltimore, MD | 120.6 | | Seattle, WA | 121.5 | | Philadelphia, PA | 122.6 | | Boston, MA | 134.0 | | Washington, DC | 138.0 | | San Diego, CA | 139.4 | | Los Angeles, CA | 150.3 | | San Francisco, CA | 173.6 | | New York, NY (Manhattan) | 218.8 | Source: "Cost of Living Index" Council for Community and Economic Research, 1st Quarter 2008. |
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Taxes
Moreover, personal taxes in Illinois and Missouri are most reasonable. In fact, Illinois and Missouri's per capita state and local tax burden is below the U.S. national average according to 2006 U.S. Census Bureau data. Housing
With inexpensive housing in both Illinois and Missouri, St. Louis ranks as the second-most affordable housing when compared with the top 20 large metropolitan areas in the country, according to the National Association of Home Builders during the fourth quarter of 2007. The percentage of homes affordable for median income below means that in St. Louis, MO-IL MSA 75.5 percent of homes sold during that period were affordable to families earning the area’s median household income of $49,465. | Most Affordable Housing - Top 20 Metropolitan Areas | | Metro Area | Share of Homes
Affordable for Median Income | | Detroit, MI | 86.6% | | Pittsburgh, PA | 76.4% | | St. Louis, MO-IL | 75.5% | | Atlanta, GA | 69.3% | Minneapolis, MN-WI | 63.7% | | Dallas, TX | 59.4% | | Houston, TX | 52.0% | | Baltimore, MD | 47.8% | | Philadelphia, PA | 47.3% | | Chicago, IL | 45.2% | | Phoenix, AZ | 42.2% | | Washington, D.C. | 41.3% | | Boston, MA | 35.7% | | Seattle, WA | 24.3% | | San Diego, CA | 14.3% | | Riverside, CA | 13.5% | | Miami, FL | 13.1% | | New York, NY | 10.0% | | San Franscisco, CA | 7.9% | | Los Angeles, CA | 6.2% | Source: "NAHE/Well Fargo Housing Opportunity Index, 4th Quarter 2007" |
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St. Louis has the second lowest housing cost of the top 20 largest metropolitan markets for middle management style housing, according to the annual Coldwell Banker Home Price Index study. The 2007 Coldwell Banker U.S. Average is $422,343 compared to St. Louis average price of $225,875. 2007 Middle Management Home Prices
Top 20 Metropolitan Areas | | Metro Area | Median Home Value | | Houston, TX | $167,315 | | St. Louis, MO | $225,875 | | Detroit, MI | $246,789 | | Dallas, TX | $301,267 | | Phoenix, AZ | $317,898 | | Atlanta, GA | $322,081 | | Tampa, FL | $347,178 | | Minneapolis, MN | $409,921 | | U.S. | $422,343 | | Riverside, CA | $430,836 | | Philadelphia, PA | $510,310 | | Seattle, WA | $552,139 | | Baltimore, MD | $552,139 | | San Diego, CA | $614,882 | | Miami, FL | $631,613 | | New York, NY | $669,259 | | Chicago, IL | $723,637 | | Washington, DC | $798,928 | | Los Angeles, CA | $966,243 | | Boston, MA | $1,367,799 | | San Francisco, CA | $1,438,907 | Source: Coldwell Banker Home Price Index study, September 2007. |
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And the region's lower cost of housing is even more pronounced in Illinois, where home buyers can get even more for their money. According to the Leadership Council of Southwestern Illinois, the area has seen an unprecedented level of new home construction and sales in recent years, with many residents able to build their “dream homes” on affordable acreage in Madison and St. Clair counties. Health Insurance
Greater St. Louis also ranked as the most affordable city in the country for children's health insurance and the 9th most affordable U.S. city for families to obtain health insurance, according to a 2006 eHealthInsurance.com study, which notes that cities with affordable health insurance have a large number of health insurance options available for families. According to the study, the monthly premium for health insurance in St. Louis was $236.74 for a non-smoking family of four, with a $2,000 family deductible and 30 percent coinsurance. The St. Louis, MO-IL MSA had the least expensive health insurance premiums for family coverage among the 20 largest metropolitan areas in the U.S. in 2005. St. Louis ranked fourth least expensive for employee-plus-one coverage and the seventh least expensive for single coverage. Data on average total premiums for private-sector establishments were collected by the U.S. Agency for Healthcare Research and Quality. This data documents businesses' relatively low costs to provide health care insurance coverage to employees in Greater St. Louis. In fact, the St. Louis, MO-IL MSA had the second highest percent of overall employee health insurance enrollment (64.1%) out of the 20 largest metropolitan areas in the U.S. in 2005.
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