Best places to buy rental properties in Missouri

February 22, 2022
● Written by
Teddy

Missouri

Investing in Missouri

Investing in Missouri rental properties could be a good option if your tenants are looking for a thriving economy, great BBQ, and rich history in the arts and American politics. Though, if you are to invest, make sure your insurance policy covers tornadoes as devastating windstorms may sometimes impact the area.

The Nophin team crunched the numbers and found the five best places to invest in Missouri rental properties.

Statewide vacancy rates

MO Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Kansas City, MO

Split between Kansas and Missouri, Kansas City on the Missouri side leads in total non-farm employment with the Federal Government as the largest employer. The IRS has one of the largest offices based in Kansas City, MO.

  • Population: 508,090
  • Median household income: $56,179
  • Median 1-bedroom monthly rent: $1,045
  • Median listing home price: $249,900

St. Louis, MO

Nicknamed the "Gateway to the West" for its towering Gateway Arch structure, St. Louis is a city with one of the fastest growing home prices in the US.

  • Population: 301,578
  • Median household income: $45,782
  • Median 1-bedroom monthly rent: $950
  • Median listing home price: $205,000

Springfield, MO

Springfield is the birthplace of Historic Route 66 and the third largest city in Missouri.

  • Population: 169,176
  • Median household income: $37,491
  • Median 1-bedroom monthly rent: $750
  • Median listing home price: $228,500

Columbia, MO

Columbia is a college town home to the University of Missouri.

  • Population: 126,254
  • Median household income: $53,447
  • Median 1-bedroom monthly rent: $748
  • Median listing home price: $289,900

Independence, MO

Independence is a suburb of Kansas City and is the hometown to US President Harry S Truman.

  • Population: 123,011
  • Median household income: $50,797
  • Median 1-bedroom monthly rent: $750
  • Median listing home price: $189,000

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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