Introduction
The cost of living in St. Louis has always been a topic of interest for residents and potential newcomers. With the ongoing COVID-19 pandemic, the cost of living in St. Louis has been affected in ways that were not anticipated. This blog aims to explore the impact of COVID-19 on the cost of living in St. Louis, explicitly focusing on the housing market, food and grocery prices, transportation and gas prices, and healthcare costs.
Before the pandemic, the cost of living in St Louis was relatively affordable compared to other major cities in the US. The Missouri Economic Research and Information Center claims that the overall cost of living in St Louis was about 9% lower than the national average. However, the outbreak of COVID-19 has had a significant impact on the economy and has affected the cost of living in St Louis and cities worldwide.
The effect of COVID-19 on the housing market in St. Louis
The housing market in St. Louis has been affected by the COVID-19 pandemic in multiple ways. One of the most substantial impacts has been on demand for housing. With many people losing their jobs or facing financial difficulties, the need for housing has decreased. This has resulted in a drop in housing prices in some areas of St. Louis. From March to September 2020, the median house value in St. Louis fell 2.9%, according to seekingalpha.
The closure of several non-essential enterprises severely negatively impacts the building industry. This has resulted in a slowdown in new housing construction and a decrease in new listings. On the other hand, the supply of housing has also been affected by the pandemic.
The long-term impact of COVID-19 on the housing market in St. Louis is yet to be seen. However, the decrease in demand for housing will likely continue to pressure housing prices. Additionally, the slowdown in new housing construction may lead to a housing shortage.
The effect of COVID-19 on the food and grocery market in St. Louis
The COVID-19 epidemic has also impacted the St. Louis food and grocery business. With the closure of many non-essential companies, the demand for food and grocery items decreased. This has resulted in a decrease in prices for some food items. However, prices for other things, such as meat and dairy, have increased due to supply chain disruptions.
The long-term impact of COVID-19 on the food and grocery market in St. Louis is yet to be seen. However, the decrease in demand for food and grocery items will likely continue to pressure prices. Additionally, supply chain disruptions may continue to affect the availability and prices of certain items.
The effect of COVID-19 on transportation and gas prices in St. Louis
The COVID-19 epidemic has also impacted transportation and petrol costs in St. Louis. With many people working from home and avoiding non-essential travel, the gasoline demand has decreased. This has resulted in a decrease in gas prices in St. Louis. As per GasBuddy, the average gas price in St. Louis fell 18% between March and September 2020.
The long-term impact of COVID-19 on transportation and gas prices in St. Louis is yet to be seen. However, the decrease in demand for gasoline will likely continue to put pressure on gas prices. Additionally, the ongoing shift towards remote work and virtual meetings may continue to reduce the need for gas in the future.
