Location: Joplin, MO | Metro: Joplin, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 64833 stands as a market in motion, with specific dynamics that reveal insights into its current state and future potential. The Fair Market Rent (FMR) for the area, set at $800 for fiscal year 2024, serves as a benchmark for rental pricing. While the exact market rent is not available, the FMR suggests a regulated environment where rental prices are likely close to the government's fair assessment.
The lack of data on price-cut share and days on market (DOM) indicates stability in the rental market. There is no significant downward pressure on rents due to prolonged vacancies, which would be evident if there were high DOM or a large percentage of listings needing price reductions to attract tenants. This stability can also be inferred from the absence of extreme fluctuations in the median home value, suggesting a balanced market.
A key indicator of the ZIP's housing dynamics is the 21.7% renter share. This figure points to a market where a notable portion of residents choose to rent rather than own their homes. A higher renter share often correlates with areas experiencing growth, whether through employment opportunities, education, or other amenities that attract people. It also implies a steady demand for rentals, as renters represent a consistent pool of potential tenants.
In a broader context, the 21.7% renter share signals long-term housing pressure. In areas where renting is prevalent, it often reflects challenges in homeownership, such as affordability issues or demographic preferences. Landlords and small-portfolio investors should consider this a positive sign, as it suggests a continuous need for rental properties, ensuring a stable tenant base.
The snapshot of ZIP 64833 paints a picture of a market where demand is steady, and supply is well-matched to meet this demand. For investors, this means an opportunity to capitalize on a balanced market with predictable rental income. However, the absence of detailed market rent data and DOM statistics leaves room for further investigation to fully understand the nuances of the local real estate landscape.
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.