Location: Joplin, MO | Metro: Joplin, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 64849 presents a unique market scenario that can be characterized by a blend of stability and potential change. With a Fair Market Rent (FMR) set at $820 for the fiscal year 2024, landlords and small-portfolio investors have a clear benchmark for rental pricing. This figure reflects the government's assessment of what constitutes a reasonable rent in the area, ensuring that both tenants and property owners operate within a fair economic framework.
The absence of specific market rent data suggests that the local rental market may not be as robust or widely tracked as others. However, the lack of detailed market metrics such as price-cut share and days on market (DOM) indicates a relatively stable environment where significant fluctuations are uncommon. This stability can be advantageous for investors looking to avoid volatile markets.
A key indicator of the dynamics within ZIP 64849 is the 5.6% renter share. While this percentage might seem low compared to urban centers, it speaks volumes about the long-term housing pressures in the area. A lower renter share typically implies that homeownership is more prevalent, which could mean a steady demand for rental properties as a smaller but potentially consistent segment of the population seeks rentals. This consistency can be beneficial for landlords, as it reduces the risk of sudden shifts in tenant demand.
The market in ZIP 64849 is not dominated by renters, but those who do rent likely represent a diverse group of individuals including students, young professionals, and families. The modest FMR also suggests that the cost of living in the area is relatively affordable, which could attract a steady stream of new residents seeking rental options. This, in turn, supports the idea that the demand for rental properties is likely to remain stable or grow slightly over time, rather than experiencing dramatic increases or decreases.
In conclusion, ZIP 64849 is a market where the demand for rental properties is balanced and predictable, given the current data. The low renter share indicates a strong inclination towards homeownership, yet the modest FMR points to an accessible rental market. These factors combine to create an environment where landlords and small-portfolio investors can expect a reliable return on investment without the need for aggressive pricing strategies or frequent adjustments to their portfolio.
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.