There hasn’t been a better time to buy a home In St. Louis, Missouri since the 2008 recession. According to the Federal Housing Finance Authority, home prices in the region have increased by 6.5% in the past year alone after exhibiting consistent growth for the past three years.
Even with home prices rising, purchasing a home in St. Louis provides a level of stability that cannot be found in the ever-changing rental market with progressively escalating rents. Below are a few key motivations as a great option for you to own a home in St. Louis.
You Get to be the Person in Charge
Homeowners get to enjoy the stability of having a place where they get to create the rules. Besides, as rent cost rise at the will of your landlord, your mortgage rate stays steady year over year. This will allow you to plan better for your future. You’re in charge of your space, therefore, you decide when to repaint, clean up, and remodel rather than having to keep your space as it is. Most importantly, the money you paid for mortgage over the years is yours and counts as an asset.
Owning is Doable
There are barriers to purchasing in the city today, but that doesn’t mean having a place to call your own is completely out of reach. The first step to owning a home is having the desire or the dream to, next you get some advice – that’s where we come in.
The Urban League of Metropolitan St. Louis offers a housing counseling program designed to meet you where you are and help you make a plan to save, build your credit, and find homes that meet your needs within your budget. The Urban League also has a workforce development program that can help you find employment opportunities to help you reach your financial goals.
Homeownership is a Path to Generational Wealth
When our grandparents and their parents first came to St. Louis, they understood the power of owning a land. The likelihood of paying taxes in your community meant having a representation in how decisions are made. Property grows in value, especially if maintained well. Even if you don’t sell it yourself – you can keep it in your family for generations to come as your legacy.
Homeownership is a Journey
Owning a home doesn’t begin or end at closing; it starts in a preparation process long before walking into a bank or calling a realtor, and doesn’t have to end at the first home you buy. There are plenty of options available to buyers in St. Louis, no matter your income or starting point, and organizations like the Urban League of Metropolitan St. Louis, a HUD-approved housing counseling organization, offer financial education and individualized financial coaching from certified housing counselor(s) to help prepare you to purchase your first home, and even the home of your dreams.
If you’re in the St. Louis area and want to take the first step towards buying your first home, learn about how the Urban League of Metropolitan St. Louis can support you in your journey.