The "Show Me State," Missouri has a long, well-established history within the formation of the early United States. The state is bisected by major highways, one running from east to west between Kansas City and St. Louis. With the gateway to the West literally symbolized by the St. Louis Arch, Missouri is split between the Ozark plateau making up the southern half while the northern part of the state is generally shaped by the Missouri River.
Missouri's economy is diverse, anchored by agriculture, heavy machinery manufacturing, beer and food production, healthcare, transportation and logistics, aerospace and defense, and natural resources. The birthplace of President Harry Truman, Missouri has a mix of urban centers and rural communities. The two major population centers are Kansas City and St. Louis, with Jefferson City serving as the capital in the middle of the state. With a mixed political population, Missouri has often been viewed as a bellwether, which has made it influential in national elections.
As of recent estimates, the Show Me State is home to roughly 6.2 million people, making it about the 18th most populous state and the 21st largest by area. Missouri's economy produces more than $400 billion a year, with per capita income near the national average.
Places to Live in Missouri
The typical home value in Missouri is around $260,000 (Zillow), which sits well below the national average and helps keep the cost of homeownership relatively affordable across much of the state. Values vary widely, with the highest prices generally found in the suburbs of Kansas City and St. Louis and around Lake of the Ozarks, and more affordable options in many smaller cities and rural areas.
Kansas City
Population: about 510,000
Kansas City, MO is the larger of the two neighboring cities that share the name across the Missouri-Kansas state line. The city's nickname is the Heart of America, a nod to Kansas City's location near the center of the continental United States. KC is home to well-known American companies, including H&R Block and Hallmark, and its metro area generates a large share of the state's annual economic output.
St. Louis
Population: about 280,000
Best known for its iconic Gateway Arch, St. Louis anchors one of the largest metro areas in the Midwest, home to roughly 2.8 million people. Major employers such as Edward Jones, Peabody Energy, Centene, and Bayer's Crop Science division (formerly Monsanto) call the region home. Healthcare and professional services are pillars of the St. Louis economy.
Springfield
Population: about 170,000
Springfield is Missouri's third-largest city, and its metro area is home to nearly half a million people. The city's top employers include CoxHealth, Mercy, O'Reilly Auto Parts, and Bass Pro Shops, both of which are headquartered there.
Banking Options - Compare Interest Rates
Finding the right bank in Missouri doesn't need to be stressful or difficult. The main choice you'll need to make is whether you want a local financial institution or one with more of a national reach. The tradeoffs are simple to understand - local institutions are more relationship driven and strive to really understand the community, while national chains emphasize technology, convenience, and access to your money in many places across the country. Here are a few of your choices, broken down by category.
Community lenders:
- Central Bank of the Lake of the Ozarks
- Enterprise Bank & Trust
- Great Southern Bank
- Jefferson Bank of Missouri
- The Bank of Missouri
- Wood & Huston Bank
Large local credit unions:
- First Community Credit Union
- Together Credit Union (formerly Anheuser-Busch Employees' CU)
- Vantage Credit Union
- Mazuma Credit Union
- Neighbors Credit Union
- Missouri Credit Union
- St. Louis Community Credit Union
- 1st Financial Federal Credit Union
National and regional banks:
- Bank of America
- Commerce Bank
- Regions Bank
- U.S. Bank
- Armed Forces Bank
Now that you know your options, it's time to compare interest rates and figure out where you can save money. You'll want to see offers on auto loans, CDs, and any other product you're considering lined up side by side. Check out RateZip's financial search engine, designed for this very purpose.
MO Home Loans
Whether you want to live near St. Louis, settle in the Kansas City metro, or find a quieter community, RateZip.com can help you compare current mortgage rates for home buying. It's simple to get started.
First-Time Buyer Programs
Missouri first-time and repeat buyers may qualify for help through the Missouri Housing Development Commission (MHDC). Its First Place program offers below-market-rate mortgages plus optional down payment and closing-cost assistance for eligible first-time buyers and qualified veterans, while the Next Step program extends similar cash assistance to buyers outside the First Place income limits. Most programs require a homebuyer education course. Program terms and income limits change over time, so confirm current details before applying.
Mortgage Options
The most basic choice that a homeowner will need to make is between a fixed rate and adjustable rate mortgage. With a fixed rate loan, the interest rate and payment are constant for the entire life of the loan, which can range from 10, to 15, to 20, to 30 years in duration. An adjustable rate mortgage (ARM) has a constant rate and payment for an initial period, and then it adjusts periodically thereafter based on an index.
The general rule of thumb is that homeowners who want to stay put for a long time may prefer a fixed rate loan, while buyers who plan on moving sooner may be better suited with an ARM. This is especially worth weighing for first-time home buyers who expect to "move up" into a bigger home in the near future. To see where rates stand today, compare current offers through RateZip before you decide.