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Renting vs. Buying in St. Louis, MO

The downtown St Louis skyline

To own your own home or to rent, what is the best option? It’s never easy to make the decision between renting or buying. For many people, home ownership is a long-term ambition, but it isn’t always the most financially viable one. Both of these options have their own specific pros and cons. In St. Louis, the real estate market is fairly affordable, and living costs are not too high. Have a look at the factors to weigh up when considering renting or buying in the area.

How Long Do You Plan to Stay?

Of course plans are never concrete, but it is worthwhile to have an idea of how long you plan to stay in St. Louis. The considerations for a young professional, and for a family are likely to be different. If you’re moving in for the long haul, then purchasing can be an ideal option. This is especially true since the St Louis market has plenty of affordable properties that are suitable for families. If you intend to stay for a few years or less, then it can make more sense to rent.


With renting, the usual expenses tend to be the rent and a deposit. You can usually move in fairly quickly, which is convenient. Buying a home has more considerations that come along with it. This includes needing a downpayment, taking out a mortgage, and paying other fees such as those of a real estate agent. The entire process can take weeks, and this is something to keep in mind. Owning a home also has regular expenses which include property taxes and home insurance. Aside from residential property, it can also be worth considering commercial real estate in Missouri.


Owning a home provides more flexibility to make changes and alterations, which aren’t possible when renting. There can be a number of restrictions imposed by a landlord which may be inconvenient. However, renters have the flexibility of being able to move to a new area or city with ease. The process of selling a home can be time-consuming, and getting a good price depends on the market conditions at the time. It can often take a few months to close the deal on a home sale.


The key advantage of owning your home in St Louis is that you have equity in a stable asset. The mortgage payments are paying off the debt attached to the home, and eventually you will own it outright. When paying rent, there is no equity, and therefore the payments go entirely to the landlord. Rent prices can also increase which can make it unaffordable to live in the area. On the other hand, home prices are expected to rise, and this can be beneficial for home owners who can expect their asset to increase in value. For those looking for a good investment, there are plenty of excellent options available when it comes to commercial real estate in St Louis.

After weighing up these factors, it will be easier to come to a final decision. Whether you are looking to rent or buy, it is always advisable to consult with a professional real estate team that has the best understanding of the local market. Whether you’re in need of commercial property for sale in St Louis or residential property, the Cardinal Realty Group are here to help. We work with you to meet your individual requirements. Call me, Harold Hanstein, on 636.225.0385 or send through an email to Hal(at)CardinalRealtyGroup(dotted)com.

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