here is an article regarding St. Louis, MO from businessweek.com
Has anyone researched investing in St. Louis? The houses there are rediculously cheap compared to the rest of the country and the city is beautiful. You can get a really nice 4 bedroom house in a great neighborhood for only $200,000.
Only 7% of the houses are purchased with interest only loans versus over 50% for California. A lot of biotech companies are moving there. Also large companies such as Boeing, Microsoft and Anheuser-Busch have offices there. They have some of the top hospitals and schools in the United States.
I live near St. Louis and can vouch for the low prices of housing here. I did a search last night on realtor.com for Los Angeles vs. St. Louis (well, O’Fallon, MO since that’s where I live.) What is 250K to 300K there would be 40K to 50K here and would NOT be in a desirable area. Downtown St. Louis or something like that.
For an idea of what I mean, enter in zip code 63366, 400K and less and see what pops up. Houses that look like mini-mansions! Beautiful! ;D
Do you think the wages balance out the price of the home? I mean, do you think CA people get paid more than MO people in order to afford such an expensive price tag?
I lived in St. Louis for 3 years…moved from NYC. It took me a while to get used to the city but, really liked it after all. I rented a super nice loft with cathedral ceilings in the Central West End area…it was a beautiful loft!!! It was very close to the Chase Park Plaza Hotel. I live in Seattle now and houses here are not that cheap (but cheaper than LA for sure). IF I knew then what I know now, I would have invested in RE, or giving it a try at least, in Good Ol’ St. Louis. Keep doing your homework with this business and when you feel ready…DIVE IN full force.
What’s the rental market like?