Population growth, a strong economy, affordable home prices, and rising rents are 4 things real estate investors look for when choosing a market for investing in rental property. Those are some of the reasons why rents for 3-bedroom homes in Springfield grew by 16% over the past year, and why, in some suburbs, there are more renters than homeowners.
Home values in Springfield have increased by 20.6% year over year, while rent prices have been steadily increasing over the past several years. Many popular suburbs of Springfield have large proportions of renters, even though home prices in Springfield are still relatively affordable.
Here are 14 Springfield neighborhoods and suburbs in which to consider purchasing investment property, including a couple of areas where 50% or more of residents rent their homes.
Key takeaways
- Springfield is home to over 169,000 residents in the city and more than 467,000 in the metropolitan area.
- Home values in metropolitan Springfield have increased by 20.6% over the past year, while rent prices have steadily grown year over year.
- Areas in the Springfield metro area with large percentages of renters include Bolivar, Marshfield, and the city of Springfield.
>>Explore Roofstock's Springfield properties.
Why invest in Springfield?
Springfield and the surrounding suburbs are among the fastest-growing areas in Missouri, according to KY3 News. Greene County, where Springfield is located, added nearly 20,000 new residents between 2010 and 2020 and could soon be larger than St. Louis if current growth trends continue.
Metropolitan Springfield is also among the top cities for job growth, with the area ranked fifth among small U.S. cities for the most job opportunities. The unemployment rate in Springfield at 3.3%, based on the most recent report from the Bureau of Labor Statistics (January 2022).
Even though the median listing price of a home in Springfield is $123 per square foot, the metropolitan area is still popular with renters.
Over the past 12 months, home values in Springfield have increased by nearly 21% (Zillow through February 2022) which may be one reason why there are more renters than homeowners in Springfield. According to Zumper, 52% of households in Springfield are occupied by renters, and median rents for 3-bedroom properties have increased by 16% year over year.
14 great areas in Springfield for investment properties
Springfield is home to nearly 50 neighborhoods in the city and nearby suburbs, with home prices ranging from $30K to $9M.
Here are 14 areas in and around Springfield to consider, based on data from:
- Realtor.com (number of neighborhoods in the market, home price range, median listing price, change in listing price, and median listing price per square foot)
- NeighborhoodScout (suburb descriptions where indicated)
- Niche.com (suburb descriptions, population, median rent, percentage of renter-occupied households, and median household income)
Springfield
Springfield is home to over 169,000 residents and has more renters than homeowners. The city has a dense suburban feel and is home to 3 universities, including Missouri State and Drury University:
- Population: 169,176
- Median listing price: $200,000
- Change in listing price (year over year): 17.9%
- Median listing price per square foot: $123
- Median rent: $744
- Renter-occupied households: 58%
- Median household income: $38,856
- ZIP codes: 65619, 65802, 65805, 65810
Battlefield
Niche.com ranks the suburb of Battlefield as the best place to live in Greene County, where Springfield is located. Battlefield has a rural feel, with a lot of parks and restaurants, and is 10 miles south of Springfield:
- Population: 6,240
- Median listing price: $267,500
- Change in listing price (year over year): 24.5%
- Median rent: $773
- Renter-occupied households: 22%
- Median household income: $63,373
- ZIP code: 65619
Nixa
The suburb of Nixa is located 12 miles south of Springfield via U.S. Highway 65. Nixa has a sparse suburban feel and is ranked by Niche.com as one of the best places to buy a house in the Springfield, MO, area:
- Population: 21,544
- Median listing price: $305,500
- Change in listing price (year over year): 17.5%
- Median rent: $834
- Renter-occupied households: 33%
- Median household income: $58,402
- ZIP code: 65714
Ozark
NeighborhoodScout reports that recently built homes account for a large proportion of housing in Ozark, with new growth indicating that more people are choosing to move to the town. Ozark is 20 miles south of Springfield and has a sparse suburban feel:
- Population: 19,767
- Median listing price: $263,900
- Change in listing price (year over year): 7.7%
- Median rent: $836
- Renter-occupied households: 37%
- Median household income: $55,774
- ZIP code: 65721
Republic
Republic is located 15 miles southwest of Springfield, has a sparse suburban feel, and is ranked as the second-best place to live in Greene County by Niche.com:
- Population: 16,247
- Median listing price: $260,000
- Change in listing price (year over year): 43.6%
- Median rent: $853
- Renter-occupied households: 37%
- Median household income: $55,964
- ZIP codes: 65619, 65738, 65802
Rogersville
Rogersville is a small suburb 20 miles southeast of Springfield. Home to 3 neighborhoods, the town has seen a lot of new housing growth in recent years as more people move to the area, according to NeighborhoodScout:
- Population: 3,697
- Median listing price: $285,000
- Change in listing price (year over year): 26.7%
- Median rent: $696
- Renter-occupied households: 41%
- Median household income: $47,946
- ZIP code: 65742
Willard
Located 12 miles northwest of Springfield, Willard has a sparse suburban feel and one of the lowest listing prices for homes in the Springfield metropolitan area:
- Population: 5,519
- Median listing price: $199,000
- Change in listing price (year over year): 17.1%
- Median rent: $834
- Renter-occupied households: 24%
- Median household income: $61,188
- ZIP codes: 65781, 65803
Bolivar
Bolivar is a suburb of Springfield with more renters than homeowners. Located 30 miles north of the city, Bolivar has a sparse suburban feel, with good options for dining and entertainment:
- Population: 10,880
- Median listing price: $219,900
- Change in listing price (year over year): 22.2%
- Median rent: $698
- Renter-occupied households: 52%
- Median household income: $38,396
- ZIP code: 65613
Aurora
Aurora is another suburb of Springfield where housing prices are still relatively affordable compared to other suburbs in the metropolitan area. Located 30 miles southwest of the city, Aurora has a rural feel and is home to the Mercy Hospital Aurora:
- Population: 7,438
- Median listing price: $110,000
- Change in listing price (year over year): 1.9%
- Median rent: $698
- Renter-occupied households: 33%
- Median household income: $38,750
- ZIP code: 65605
Fremont Hills
Niche.com ranks Fremont Hills as the best place to live in the Springfield area. The small town is 16 miles south of the city and has good options for shopping and fine dining nearby:
- Population: 1,042
- Median listing price: $475,000
- Change in listing price (year over year): -8.6%
- Median rent: $750
- Renter-occupied households: 8%
- Median household income: $108,750
- ZIP code: 65714
Mount Vernon
Mount Vernon is located 35 miles southwest of Springfield via Interstate 44. The town has a sparse suburban feel, and more than a third of residents rent their homes:
- Population: 4,505
- Median listing price: $185,000
- Change in listing price (year over year): 26.7%
- Median rent: $584
- Renter-occupied households: 38%
- Median household income: $42,689
- ZIP codes: 65712
Marshfield
The town of Marshfield is 30 miles northeast of Springfield via I-44, just past the suburb of Strafford. Marshfield has a sparse suburban feel, and nearly half of residents rent their homes:
- Population: 7,318
- Median listing price: $229,900
- Change in listing price (year over year): 27.8%
- Median rent: $630
- Renter-occupied households: 49%
- Median household income: $44,844
- ZIP code: 65706
Strafford
Strafford is a small suburb of Springfield 15 miles northeast of the city, along I-44. Strafford has a suburban-rural feel, and more than a third of residents rent rather than own:
- Population: 2,100
- Median listing price: $280,000
- Change in listing price (year over year): -0.9%
- Median rent: $830
- Renter-occupied households: 39%
- Median household income: $45,811
- ZIP code: 65757
Miller
Miller is 35 miles west of Springfield via I-44 and Highway 96 West. Miller has a rural feel and relatively affordable home prices compared to other Springfield areas:
- Population: 762
- Median listing price: $130,000
- Change in listing price (year over year): -3.6%
- Median rent: $619
- Renter-occupied households: 27%
- Median household income: $38,571
- ZIP code: 65707
>>Explore Roofstock's Springfield properties.
