Missouri Best Places to Retire - A Guide
Missouri, with a population of just over 6 million in 2012, is a midwestern state with much to offer baby boomers or others who would like to retire in Missouri - the Show Me state. The Mississippi and Missouri rivers run through this state which has 2 large cities - St. Louis and Kansas City. Agriculture is very important as well. The Wikipedia entry for Missouri has more interesting facts.
The reviews on this site can help you make a more informed choice about where to retire in Missouri or other states - there is important information about real estate prices; what makes each community special and not so special; along with important facts about the cultural, economic, medical, and transportation infrastructure.
the Gateway Arch in St. Louis
The Missouri climate is humid-continental, influenced by the Gulf of Mexico and from the northwest. Summers are hot and humid with frequent thunderstorms and occasional tornados. Winters are a bit milder in the south.
Economy and Real Estate Values
Missouri's per capita income at $24,760 is slightly below the U.S. average. Median home prices are much less expensive than in the rest of the U.S.; the median value in early 2012 according to Zillow was $136,000. The median home in the Kansas City area sold for $133,100 in early 2013 (NAR) vs. the national median of $135,900; the cost of living index there is 88 (national index is 100). In Saint Louis the median home went for $131,700 and the cost of living index is 88.
Tax Burden: With a tax burden of 8.95%, Missouri ranks 17th lowest of all US states. Total tax burden in Kansas City is slightly above average, 8.8% compared to the median rate for large U.S. cities.
Marginal Income Tax Rates. Missouri has a 6% income tax on a top bracket that starts at $9,000.
Social security exemption. There is a state income tax deduction for social security benefits. For a chart of the deductions possible, click here.
Sales Tax: State sales tax is 4.5%.
Property Taxes: Residential property is assessed at 19% of its fair market value. A property tax credit credits some senior citizens, and all disabled citizens,
Homestead Exemption. There is a homestead exemption which protects up to $15,000 of a home's equity.
Estate and/or Inheritance Taxes. There is no estate taxes.
Link to Missouri Department of Revenue
Certified Retirement Communities
Missouri does not have a certified retirement community program.
Best retirement communities in Missouri
Missouri has many towns that make great retirement communities; it is also starting to have many planned retirement communities. One of the best places to retire in Missouri is the college town of Columbia, home of the University of Missouri and 2 other colleges. Columibia is also a cultural center for the area. Other great retirement communities are Branson and Branson/Lakes on the Ozark Plateau, Springfield, Kansas City, Saint Louis, Lee's Summit, Independence, and Saint Joseph.
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