Location: Barton County, MO | Metro: Joplin, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in ZIP 64755 through the Section 8 program are significant and must be carefully considered. Tenant turnover poses a notable risk, as the market rent of $808 slightly exceeds the Fair Market Rent (FMR) of $800 for FY 2024, indicating that tenants might struggle to cover the additional costs, leading to higher churn rates. Vacancy exposure is another critical concern, as the Days on Market (DOM) is listed as N/A, suggesting inconsistent data or frequent vacancies, which can negatively impact cash flow. Additionally, the deferred maintenance exposure is considerable, given the typical home value of $286,894 and a median income of $77,643. This combination implies that homeowners may find it challenging to keep up with property maintenance, potentially affecting the quality of rental units.
However, these risks are somewhat mitigated by the high concentration of renters in the area, with 17.8% of the population being renters. High renter density typically translates into robust demand for housing vouchers, providing a stable source of income for landlords willing to participate in the Section 8 program. The local rental market's reliance on voucher holders ensures a steady stream of qualified tenants, albeit at regulated rates.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.