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Missouri Yearly Expenses
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US-175-AZ
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FAQ
Fiscal Year 2023 Governor's Recommended Budget: $43,601,682,501.
DOES MISSOURI HAVE A BALANCED BUDGET? The Missouri Constitution requires that the state pass a balanced budget, where estimated revenues are equal to or greater than estimated spending. By this definition, the state budget is in balance.
Instead, revenue for fiscal 2021 totaled $11.2 billion and the new estimate is for revenue in the current year to top $11.1 billion. Those aren't the only funds available. The state is holding $1.34 billion from the American Rescue Plan Act, passed in March, with another $1.34 billion on the way.
Missouri had the 7th lowest cost of living in the United States for 2021. In general, the most expensive areas to live were Hawaii, Alaska, the Northeast, and the West Coast. The least expensive areas were the Midwest and Southern states.
The average home in Missouri is valued at roughly $151,600. This is $53,000 below the national median home value. Renting a home in Missouri is also on the affordable side. The average monthly rent is only $809, which is more than $200 lower than the national median monthly rent of $1,023.
Missouri Housing Costs The typical renter in Missouri spends $809 a month on housing, $214 less than the $1,023 national median monthly rent. Monthly rent for a one-bedroom in the state is $643, while the typical rent for a unit with five or more bedrooms is $1,126.
In the fiscal year of 2020, Missouri's state debt stood at about 16.34 billion U.S. dollars.
Missouri's budget basics According to the National Association of State Budget Officers (NASBO), Missouri's total expenditures in fiscal year (FY) 2021 were $29.8 billion, including general funds, other state funds, bonds, and federal funds.
Housing. One of the main reasons why the cost of living in Missouri stays so low is the affordable price of housing. The average home in Missouri is valued at roughly $151,600. This is $53,000 below the national median home value.
There are too many variables, including whether you're single or living with someone, whether you have kids, and other considerations. With that in mind, the average cost to live in the state of Missouri lies between $2,202 and $6,411 per month.
