Springfield, Missouri

Section 01Executive Summary

Springfield, Missouri is a midsized regional hub with steady population growth, a diversified service oriented economy anchored by health care and higher education, and relatively affordable housing that has seen notable appreciation in the past five years, all of which frame its risk and reward profile for multifamily and broader real estate investment. According to the United States Census Bureau American Community Survey five year estimates for Springfield city for the period ending 2023, the city population reached 169,432 residents, up from 167,051 in the 2019 five year series, a cumulative increase of 1.4% over that span, while median household income rose from 36,856 dollars to 45,984 dollars and median home value increased from 118,100 dollars to 165,200 dollars, with median gross rent rising from 744 dollars to 920 dollars, data, confidence confirmed through the Census Bureau profile as compiled by USCivicData. The economy of the Springfield metropolitan statistical area shows a relatively low unemployment rate and broad based job base, with the United States Bureau of Labor Statistics reporting a non seasonally adjusted unemployment rate of 3.6% in June 2026 and total nonfarm employment of 239,100 jobs for the Springfield MSA, alongside strong gains in sectors such as leisure and hospitality and professional and business services over the prior twelve months, data, confidence confirmed from the Economy at a Glance table.

For apartments, Springfield has experienced a moderate supply wave with some short term softening in occupancy but continued rent growth, based on current private sector multifamily data. MMG Real Estate Advisors reports that in the Springfield market average effective rent reached 1,028 dollars per unit in the second quarter of 2026 with occupancy of 93.8%, trailing four quarter net absorption of 394 units, and trailing four quarter unit completions of 1,099 units, along with an annual rent change of 1.9% and a twelve month occupancy decline of 120 basis points, data for Springfield market as of the second quarter of 2026, confidence probable as MMG aggregates property level data similar to other professional research providers. In the third quarter of 2024 MMG had reported average effective rent of 957 dollars and occupancy of 96.2% in the same market, with year over year rent growth of 3.2% and a modest occupancy gain of ten basis points, data, confidence probable. On the single family side, Realtor dot com's local market summary for Springfield city in Greene County shows a median listing price of 279,950 dollars and a median sold price of 258,881 dollars as of August 2026, with price per square foot of 161 dollars, 1,328 active for sale listings, median days on market of 56 days, and a median rent for listed rentals of 1,325 dollars per month, data as of August 2026, confidence probable using Realtor dot com economic research as the named source.

These dynamics create a market where rents and values have moved up meaningfully from the late twenty tens baseline but remain comparatively affordable versus many coastal and large metropolitan markets, while multifamily investors must underwrite near term occupancy risk from the recent completion wave alongside favorable longer term fundamentals tied to regional health care, education, and logistics employment. County and state level property tax and insurance structures are relatively moderate, with residential property assessed at 19% of true value in money under Missouri law according to the Missouri State Tax Commission definitions page, confidence confirmed. Climate and natural hazard risk is dominated by severe convective storms and tornadoes rather than coastal flooding, with Greene County having a history of federally declared disasters related to severe storms, straight line winds, tornadoes, and flooding according to FEMA linked data as compiled by DisasterLookup for Greene County Missouri, confidence probable. Overall Springfield presents accredited investors with a secondary market profile where consistent regional demand and comparatively low cost basis can be attractive, but where prudent underwriting must account for supply timing, local wage levels, and weather related risk.

Section 02Population and Migration

Springfield's population story over the last several years is one of modest but steady growth, a relatively young age profile, and a predominantly White non Hispanic population with small but important minority communities. The United States Census Bureau American Community Survey five year estimates for Springfield city for 2019 through 2023, as summarized by USCivicData, show that the city population increased from 167,051 in the 2019 series to 169,432 in the 2023 series, which corresponds to a 1.4% increase over that interval, data, confidence confirmed.

The same ACS series provides a compact time series for key population and housing related metrics for Springfield city, which is useful for framing trend over the past five years.

Each row reflects the five year estimate ending in the stated year.

The table shows that while headline population growth was modest, household incomes and housing costs rose more sharply, with median household income increasing by roughly one quarter and median home values and rents rising by substantially more in percentage terms, indicating that housing demand and pricing power have been strong relative to net population inflow. For an investor, this combination suggests that Springfield's demand base is anchored more in internal household formation and economic growth than in rapid net migration, which can reduce volatility but also temper growth speed compared with flashier in migration markets.

ACS five year estimates for Springfield city for the period ending 2023 indicate a median age of 33.6 years, which is materially younger than the United States median age that is now in the late thirties, with the following approximate age cohort distribution for Springfield city according to USCivicData, confidence confirmed from ACS.

Source is United States Census Bureau ACS five year estimates 2019 to 2023 for Springfield city, retrieved via USCivicData August 29, 2026, confidence confirmed.

The strong representation of residents between 18 and 34 years, driven in part by Missouri State University and other colleges, is a clear support for multifamily and rental demand, especially in student and young professional oriented product, while the still meaningful contingent of older households points toward continuing demand for single story and single family product.

Racial and ethnic composition is also relevant for understanding community dynamics and potential fair housing and marketing considerations. ACS five year estimates for Springfield city, as summarized by USCivicData, report the following approximate shares, confidence confirmed.

Source is United States Census Bureau ACS five year estimates for 2019 through 2023 as summarized by USCivicData, confidence confirmed. The Hispanic or Latino share overlaps with the race categories and is not additive to them. These shares point to a relatively homogeneous market by national standards, though modest diversification is underway, which investors should factor into long term positioning and tenant experience strategies.

At the metropolitan scale, the Springfield Missouri metropolitan statistical area comprises Christian, Dallas, Greene, Polk, and Webster Counties, and United States Census Bureau population estimates placed the metro at approximately 500,694 residents as of July 1, 2025, up from 475,432 in the 2020 census, an increase of about 5.3% over that span, data, confidence confirmed. The regional population base is therefore far larger than the city alone and draws from surrounding suburban and rural communities, and the metro has been among the faster growing in Missouri.

Section 03Jobs and Economic Anchors

The Springfield metropolitan area economy is diversified across health care, higher education, manufacturing, logistics, and services, with relatively low unemployment and recent job growth in several key sectors.

The United States Bureau of Labor Statistics Economy at a Glance table for Springfield Missouri metropolitan statistical area, reports the following labor force components for June 2026, confidence confirmed as this data is directly from BLS local area statistics.

Readings in prior months ranged between 3.3% and 4.0%. For real estate underwriting, an unemployment rate in the mid three percent range indicates a relatively tight labor market, which can support wage growth and demand but also exposes tenants to cyclical risk if a major employer contracts.

The same BLS Economy at a Glance table provides nonfarm employment by sector in thousands of jobs and twelve month percentage changes for June 2026 for the Springfield MSA.

All values are from United States Bureau of Labor Statistics Economy at a Glance table for Springfield Missouri metropolitan statistical area, not seasonally adjusted, June 2026 preliminary data, twelve month percent change series, confidence confirmed.

The table highlights that Springfield's strongest recent job growth has been in leisure and hospitality, professional and business services, and construction, while trade and transportation and financial activities have contracted modestly. Education and health services, a core economic anchor, added jobs at a pace above national population growth though below the most cyclical sectors, reinforcing its role as a stabilizing force. For multifamily and retail investors this profile suggests demand support from both stable institutional employers and more cyclical service sectors, with the latter introducing some income volatility during downturns.

Missouri State University is one of the largest institutional anchors in Springfield. According to the Missouri State University Office of Institutional Research BearStats report for the Springfield campus for fall 2024, the fall 2024 enrollment on the Springfield campus was 25,038 students, with an Integrated Postsecondary Education Data System comparison headcount of 24,360 used for national benchmarking, data, confidence confirmed from the university report. This large student and staff population creates durable demand for housing near campus, supports the local service economy, and provides a pipeline of young professionals.

Health care is another central pillar, reflected in the more than 50,000 jobs the Bureau of Labor Statistics places in the metro education and health services sector.

From a macro productivity standpoint, the United States Bureau of Economic Analysis series for Total Gross Domestic Product for Springfield Missouri metropolitan area, series NGMP44180 as archived by the Federal Reserve Bank of Saint Louis, reports that metro GDP reached 28,577.385 million dollars in 2023 in current dollars, up from 26,585.496 million dollars in 2022, with units in millions of dollars, data updated December 4, 2024 and, confidence probable as it is a federal series but this series has since been marked discontinued in favor of updated frameworks. This implies a metro economy on the order of roughly 29 billion dollars in annual output, providing scale sufficient to support institutional grade assets while remaining small relative to the largest United States metros.

Overall the job base in Springfield is diverse and modestly growing, which tends to support long term occupancy and rent growth while creating pockets of submarket vulnerability where specific employers dominate.

Section 04Income

Income levels shape affordability, rent to income ratios, and the depth of tenant demand for both market rate and workforce housing.

The United States Census Bureau ACS five year estimates for Springfield city for the period ending 2023 show a median household income of 45,984 dollars, up from 36,856 dollars in the 2019 five year series, a cumulative increase of 24.8% over the 2019 to 2023 span, data retrieved via USCivicData August 29, 2026, confidence confirmed. Over the same period the ACS series indicates that the poverty rate for Springfield city was 19.4%, with 30,983 persons in poverty out of 159,702 for whom poverty status was determined, and that 30.3% of adults age 25 and older had at least a bachelor's degree, data, confidence confirmed.

These figures imply that Springfield has a sizable working class and lower income population alongside a meaningful college educated segment. For multifamily investors this combination suggests robust demand for Class B and workforce oriented product, with some demand for higher amenity Class A housing among young professionals and university affiliated households, but requires careful attention to rent levels relative to local incomes to avoid overburdening tenants.

When comparing income trends with housing costs using the ACS time series table presented earlier, median household income increased by roughly 9,128 dollars between 2019 and 2023 while median gross rent increased by 176 dollars per month and median home value by 47,100 dollars. This indicates that housing costs rose materially faster than incomes on a percentage basis, compressing affordability somewhat. That dynamic can support rent growth up to the limits of local incomes but also points to rising cost burden for lower income renters and homeowners.

Section 05Housing and Multifamily

Springfield's housing stock and tenure mix provide important context for multifamily performance, particularly the share of renters, unit types, and age of structures.

According to the United States Census Bureau ACS five year estimates for 2019 through 2023 for Springfield city, as compiled by USCivicData, the housing units and tenure breakdown is as follows, data, confidence confirmed.

Source is United States Census Bureau ACS five year estimates 2019 through 2023 for Springfield city as compiled by USCivicData, confidence confirmed. The renter majority underscores that Springfield is a renter leaning city, a favorable orientation for multifamily investor interest.

The composition of structures by unit type in Springfield city further clarifies the available rental product, according to the same ACS series, retrieved via USCivicData August 29, 2026, confidence confirmed.

In broad terms this means roughly one fourth to one third of the housing stock is in larger multifamily buildings with five or more units, while a majority is in single unit product, often suitable for ownership or single family rental strategies.

MMG Real Estate Advisors provides a focused view on the professionally managed multifamily segment. In its Springfield Missouri second quarter 2026 market report, MMG states that average effective rent was 1,028 dollars per unit, occupancy rate was 93.8%, trailing four quarter net absorption was 394 units, and trailing four quarter unit completions were 1,099 units, with annual rent change of 1.9% and annual occupancy change of negative 120 basis points, data for Springfield multifamily market as of Q2 2026, confidence probable. In its third quarter 2024 Springfield market report, MMG reported average effective rent of 957 dollars per unit and occupancy of 96.2%, with quarterly net demand of 168 units and year to date absorption of 441 units, along with year over year rent change of 3.2% and year over year occupancy change of positive 10 basis points, data, confidence probable.

These two MMG snapshots can be summarized in a simple time comparison table.

All figures in this table are from MMG Real Estate Advisors Springfield Missouri Q3 2024 and Q2 2026 multifamily market reports, confidence probable.

The table shows that rents continued to rise between late 2024 and mid 2026, while occupancy stepped down by a little over two percentage points as new supply delivered faster than demand could absorb it. The notable positive for investors is that by Q2 2026 MMG reported that the construction pipeline had effectively emptied, which, if accurate, suggests that the near term risk is one of working through the recent supply bulge rather than facing continued large waves of new units.

At a broader viewpoint, Yardi Matrix notes that its Springfield Missouri market coverage includes researched data on 21,276 residential units, alongside self storage and land data, in the Springfield market, according to its Springfield Missouri Midwest coverage page, confidence probable. This figure likely reflects institutionally relevant multifamily and related units within the defined market and underscores that Springfield is large enough to have a meaningful inventory of investment grade rental product.

Section 06Rents

Rents in Springfield can be viewed through several lenses, including ACS median gross rent across all units, HUD fair market rents which approximate modest quality market rents for voucher programs, private sector multifamily data, and current listing rents.

At the citywide level, the United States Census Bureau ACS five year estimates for Springfield city show median gross rent rising from 744 dollars in the 2019 series to 920 dollars in the 2023 series, an increase of 176 dollars per month or about 23.7% over the period, data retrieved via USCivicData August 29, 2026, confidence confirmed. This rise in median gross rent across all units reflects both underlying rent growth and composition effects as new product enters the stock.

HUD fair market rent benchmarks for the Springfield Missouri HUD Metro Fair Market Rent Area provide another benchmark that is especially relevant for workforce and affordable housing. According to RentData dot org's summary of HUD fair market rent for the Springfield Missouri HUD Metro FMR Area for fiscal year 2025, fair market rent for a two bedroom unit is 998 dollars per month and was 921 dollars per month in the prior year, an 8.36% year over year increase, with the area classified at the fortieth percentile and described as more expensive than 67% of other FMR areas nationally and more expensive than 94% of other FMR areas within Missouri, data scope FY 2025 FMR area code METRO44180M44180, confidence probable as RentData cites HUD as its underlying source.

These two bedroom FMR values can be tabled over the recent two year span.

Source is HUD fair market rent documentation for Springfield Missouri HUD Metro FMR Area as summarized by RentData dot org, data years 2024 and 2025, confidence probable.

For professionally managed apartments, MMG Real Estate Advisors reports average effective rents of 957 dollars per unit in Q3 2024 and 1,028 dollars per unit in Q2 2026 as noted in the prior section, representing a roughly 7.4% increase over that approximate seven quarter span, with year over year rent growth slowing from about 3.2% in 2024 to 1.9% in mid 2026, data, confidence probable. This moderation in growth is consistent with a market digesting new supply, where rent growth remains positive but below peak levels.

Realtor dot com's local market snapshot for Springfield city as of August 2026 shows a median asking rent for rental listings of 1,325 dollars per month, down 8.56% year over year and 5.36% over three years according to its summary table, data, confidence probable. The same source reports 410 rental properties listed, up 77.63% from the prior year and up 33.66% over three years. This combination of higher rental listing inventory and lower median asking rent suggests that the for rent market faces some softness and competition among landlords, at least at the asking level, which aligns with the occupancy pressure reported in the multifamily segment.

Investors should interpret these rent data points as follows. First, Springfield's effective rents remain comparatively affordable by national standards but have moved up significantly relative to local incomes since 2019, which can support long term rent growth but also raises the share of cost burdened renters. Second, the divergence between positive rent growth in stabilized multifamily data and declining median asking rents on listings suggests that concessions and unit mix effects may be at work, with newer assets maintaining rate but landlords of older or less well located stock reducing asking rents or offering concessions to maintain occupancy. Third, HUD fair market rents provide a solid benchmark for underwriting voucher linked or workforce units, with FMRs near 1,000 dollars for two bedroom units implying achievable gross rents that can support moderate leverage at reasonable expense ratios if acquisition bases are aligned.

Section 07Vacancy

Vacancy is a central driver of effective yields and risk in both multifamily and other property types, yet high quality public data for professionally managed rental vacancy at the city level is limited.

United States Census Bureau ACS five year estimates for Springfield city provide an overall housing vacancy rate, with 4,541 vacant units out of 83,980 total housing units, corresponding to a vacancy share of 5.4% across all units, data retrieved via USCivicData August 29, 2026, confidence confirmed. This figure aggregates owner and renter units and includes properties vacant for sale, for rent, seasonal use, and other reasons, so it does not directly measure rental vacancy in the professionally managed multifamily stock.

For the investment grade multifamily segment, MMG Real Estate Advisors reports occupancy and implicitly vacancy for its tracked properties. In Q3 2024 MMG reported occupancy of 96.2% for Springfield multifamily, implying vacancy of about 3.8%, and by Q2 2026 occupancy had declined to 93.8%, implying vacancy of about 6.2%, data, confidence probable. This change corresponds to an increase in vacancy of roughly 2.4 percentage points over that period, driven largely by new supply delivered faster than absorption, as evidenced by the trailing four quarter completions of 1,099 units versus trailing four quarter net absorption of 394 units reported for Q2 2026.

For an investor, the key takeaway is that while Springfield's overall housing stock remains largely occupied, the multifamily sector has moved from very tight vacancy conditions into a more balanced or slightly soft position, which should be underwritten through higher lease up times, modest concessions, and somewhat lower stabilized occupancy assumptions in the near term, particularly for newer assets that delivered into the recent supply wave.

Section 08Supply Pipeline

Construction and pipeline dynamics are particularly important in a secondary market like Springfield where even a relatively small number of new units can have a meaningful effect on vacancy and rent growth.

As noted earlier, MMG Real Estate Advisors highlights that trailing four quarter unit completions in Springfield's multifamily market totaled 1,099 units as of Q2 2026, while trailing four quarter absorption was 394 units, and that the construction pipeline had emptied to zero units under construction at that time, based on their Springfield Q2 2026 market report, data, confidence probable. MMG's Q3 2024 report referenced 215 new construction starts year to date through that period with none in the third quarter, indicating that developers had already begun to pull back on new starts as of late 2024, consistent with a cycle peak passing.

City of Springfield building permit reports are published through the Building Development Services permit reporting portal, which lists individual permits for residential and nonresidential structures. A sample 2023 residential building permit summary page shows a set of records for a given month under the residential building permit category, but the interface is not a consolidated statistical series and the counts vary by month, source City of Springfield Missouri permit summary detail pages accessed through the city permit portal, confidence probable for qualitative interpretation but without a single official annual count easily extractable for this review.

For single family homes, the same city permit portal shows ongoing issuance of residential building permits each month, but again without an easily extracted annual total from the public interface. Regional new home construction is also influenced by activity in surrounding jurisdictions within the metro, including Christian County, where city and county planning departments publish their own permit data, which have not been aggregated here.

Overall, Springfield appears to be exiting a multifamily construction bulge, with near term supply pressure but a cleaner forward pipeline, while single family construction continues at a moderate but ongoing pace consistent with regional household formation. Investors should treat the recent surge of completed multifamily units as a cyclical headwind to near term occupancy, but with the expectation of improved rent growth as the limited pipeline and steady demand gradually re tighten the market.

Section 09Single Family Homes

Single family homes in Springfield provide both owner occupied housing and a significant base for single family rental strategies.

At the city level, the United States Census Bureau ACS five year estimates for Springfield city indicate that 61.3% of housing units are in single unit detached structures, with another 3.1% in single unit attached structures, data retrieved via USCivicData August 29, 2026, confidence confirmed. Combined, roughly two thirds of the housing stock is in single unit structures. With 42.9% of occupied units owner occupied and 57.1% renter occupied, it is clear that a material share of single unit homes are rented, either in small scale mom and pop ownership or in emerging institutionally managed portfolios.

Springfield's single family home value trend has been one of strong appreciation in recent years, although absolute values remain moderate. ACS five year estimates for Springfield city show median home value increasing from 118,100 dollars in 2019 to 165,200 dollars in 2023, a cumulative increase of 39.9%, data retrieved via USCivicData August 29, 2026, confidence confirmed. Over the same span, median household income rose only 24.8%, although from a lower base, indicating some compression in affordability for potential buyers.

Realtor dot com's Springfield city market summary as of August 2026 provides a more current view of for sale pricing and activity. The platform reports a median listing price of 279,950 dollars, a year over year change of negative 7.02% and a three year change of negative 3.64%, along with a median sold price of 258,881 dollars, up 5.13% year over year and 10.16% over three years, and a price per square foot of 161 dollars with a year over year change of negative 1.25% and a three year change of 5.33%, data, confidence probable.

Key for sale and rental indicators from this Realtor dot com summary can be structured as follows.

Source is Realtor dot com economic research Springfield Missouri local market summary for Springfield city in Greene County, data as of August 2026, confidence probable.

The table indicates that listing prices have come down somewhat over the past year even as closed prices have continued to rise, suggesting some negotiation and perhaps seller expectations adjusting from earlier peaks. Days on market have increased substantially compared with three years ago, pointing to a cooler for sale market, while rental listings have expanded sharply, in line with the observed softness in asking rents. For investors pursuing single family rentals, the combination of softened listing prices, elevated active inventory, and modestly lower asking rents suggests a market where disciplined buyers may find opportunities to acquire at better entry cap rates, provided operating assumptions are realistic.

Zillow's Springfield metropolitan housing data, along with third party aggregators such as HousingHandbook, provide additional views on metro level home values. For example, HousingHandbook reports a typical home value of approximately 269,753 dollars for the Springfield metro, with a median rent of about 1,274 dollars, based on population weighted Zillow Home Value Index data across the metro's zip codes, data, confidence probable as these platforms reference Zillow's indices as their source. These values are broadly consistent with, though not identical to, the city level median figures from ACS and Realtor dot com, reflecting differences in scope and methodology.

Section 10Commercial Real Estate and Retail Centers

Commercial real estate in Springfield spans office, industrial and logistics, and retail, including a mix of traditional shopping centers and grocery anchored centers. Metrowide vacancy and rent series for these sectors are not published by any public agency for Springfield, so this section relies on named public and local sources and states plainly where a specific figure is not available.

For office space, there is no single public series reporting Springfield office vacancy, but local news and individual transactions provide directional information. An article on Springfield commercial real estate trends and investment strategies in the Springfield Business Journal from July 2025 describes companies making moves to expand or consolidate their local footprints, including relocations into higher quality space and some backfilling of older locations, suggesting an active but selective office market, source Springfield Business Journal economic growth series article dated July 15, 2025, confidence probable.

Industrial and logistics real estate in Springfield benefits from the city's location along Interstate Forty Four and United States Highway Sixty Five, which connect it to Saint Louis, Kansas City, and northwest Arkansas. Regional news sources indicate ongoing interest in warehouse and distribution space serving retail and e commerce corridors, but no specific vacancy or rent figure at the citywide level is available from a named public source for this review.

Retail real estate, including grocery anchored centers, is closely tied to consumer spending and household formation. Springfield's role as a retail hub for the broader southwest Missouri region means that its retail corridors attract shoppers from surrounding counties. Realtor dot com's neighborhood level data for median listing prices and rents by neighborhood, discussed in a later section, and local accounts of continued operation of national and regional grocery banners and big box stores suggest that key grocery anchored centers remain active.

Section 11Transactions and Capital Markets

Transaction velocity, pricing, and capital availability provide insight into how national and regional investors view Springfield and how easy it is to enter or exit positions.

Comprehensive public data on multifamily and commercial property transaction volumes and capitalization rates for Springfield city are not available through federal statistical agencies. The United States Census Bureau, BLS, and BEA do not track real estate transaction volumes at this granularity, and while the county recorder and assessor maintain deed and transfer records, they are not synthesized into easily accessible aggregate series with counts and dollar volumes for nonresidential asset classes without manual compilation that is beyond the scope of this review.

For single family residential, Redfin, Zillow, and Realtor dot com publish selected transaction metrics. Realtor dot com's Springfield city summary, cited earlier, reports a median sold price of 258,881 dollars with a one year increase of 5.13% and a three year increase of 10.16% as of August 2026, and a sale to list price ratio of approximately 100% in August 2026 according to text in the page indicating homes sold for around asking price, data, confidence probable. Median days on market of 56 with a three year increase of more than 70% indicates that liquidity has slowed considerably compared with the peak of the pandemic era cycle.

Investors should reference their broker relationships and actual offering memoranda to derive current yield expectations, while using the rent, occupancy, and value data provided here to frame what those yields imply about pricing.

On the debt side, commercial real estate lending in Springfield is provided by a mix of local and regional banks, credit unions, and national lenders. A commercial lending platform describes typical loan to value ratios and debt service coverage ratios for Springfield commercial mortgages but does not provide a consolidated series of loan volumes or spreads, and it falls outside the core list of federal and widely recognized market data providers, so its specific numeric statements are not incorporated here. Instead, investors should assume that Springfield sits in the middle range of loan pricing and leverage for secondary markets in the central United States, with loan terms influenced by national capital markets conditions, regulatory treatment of commercial real estate exposures, and local bank appetite.

Section 12Taxes

Property taxation in Springfield is governed by Missouri state law and Greene County and city level levies, making it essential to understand both assessment ratios and levy rates.

According to the Missouri State Tax Commission definitions page, the assessed value of property is a portion of its true value in money on which taxes are based. The statutory assessment ratios by property class are as follows, definitions page, confidence confirmed.

According to the same source, assessed value may not exceed 33.3% of true value in money.

Greene County publishes tax levy information by taxing district through the county clerk and collector, listing combined levy rates for school districts, fire districts, cities, and other taxing entities. The Greene County clerk's tax levy page explains that the office tracks tax rates for all real estate and personal property in various political subdivisions, and that property tax rates are determined by combining the levies of these overlapping jurisdictions, source Greene County Missouri county clerk assessment rates and tax levy rates page, confidence probable. The public summary lists individual levy rates in dollars per one hundred dollars of assessed valuation for each district but does not aggregate them into a single representative rate for Springfield city in a way that can be readily summarized without risk of misinterpretation in this format.

For income and sales taxes, Missouri has a statewide individual income tax and sales tax, and cities and counties can impose additional sales taxes. Precise combined sales tax rates for Springfield transactions vary by location and are best obtained through the Missouri Department of Revenue and local government sources. These broader tax considerations affect consumer spending and tenant operating expenses but are not analyzed numerically here due to scope.

Section 13Insurance

Insurance costs influence net operating income and cap rates, particularly in regions exposed to severe weather.

However, hazard context provides some guidance. Greene County and Springfield are located in an inland region subject to severe thunderstorms, hail, and tornadoes, but not coastal storm surge or sea level rise. Insurance costs are therefore influenced more by convective storm and hail risk and by building specific characteristics than by flood or hurricane risk.

The DisasterLookup FEMA disaster history page for Greene County Missouri reports the following, data, confidence probable as DisasterLookup compiles FEMA open data.

Public assistance categories span emergency protective measures, utilities, debris removal, roads and bridges, buildings and equipment, parks and recreation, and management costs. Recent disasters include DR 4,741 and DR 4,876 related to severe storms, straight line winds, tornadoes, and flooding in 2023 and 2025.

These disaster figures signal a meaningful but not extreme level of federally recognized hazard events over several decades, consistent with a region exposed to severe storms and occasional flooding. Insurance carriers will price this risk into premiums, particularly for older properties with dated roofs and building systems. Investors should expect higher wind and hail deductibles and should underwrite proactive capital expenditure on roofs and building envelopes to manage long term insurance cost trajectories. Without an official public series on premiums, this review stops short of estimating dollar per square foot insurance expenses and instead flags hazard frequency as a qualitative driver.

Section 14Landlord Tenant and Regulatory Environment

Missouri is generally viewed as a landlord friendly state relative to many coastal jurisdictions, and Springfield follows statewide landlord tenant rules with some local code enforcement overlays.

Missouri's landlord tenant law is codified in state statutes which outline notice periods, security deposit limits, and eviction procedures.

Springfield city enforces housing quality standards and building codes that affect rental operations. The city's housing and building development services department maintains property maintenance codes, rental licensing where applicable, and code enforcement mechanisms.

There is no evidence in the accessible public sources of municipal level rent control or strict inclusionary zoning ordinances in Springfield that would cap rents or mandate deep affordability set asides across most private multifamily projects. However, city planning documents such as the draft 2025 to 2029 Consolidated Plan and the HUD annual action plan reference targeted affordable housing programs and incentives, including use of HOME and Community Development Block Grant funds, which can apply to specific projects, source City of Springfield planning documents as referenced by HUD linked drafts, confidence probable.

For investors, Springfield's regulatory environment appears to offer relatively flexible rent setting and eviction policies compared with many coastal cities, within the boundaries of federal and state fair housing laws and local code requirements.

Section 15Infrastructure

Springfield's infrastructure underpins its role as a regional hub for southwest Missouri.

Transportation infrastructure includes Interstate Forty Four, which runs northeast to southwest and connects Springfield to Saint Louis and the Oklahoma state line, and United States Highway Sixty Five, which runs north to south connecting Springfield to Branson and to the north toward central Missouri.

The city is served by Springfield Branson National Airport, which provides commercial air service to several major hubs.

Within the city, the transit system is provided by City Utilities of Springfield, which operates bus routes across key corridors. Road networks and basic utilities such as water, sewer, and electricity are provided by local authorities and utilities and are broadly adequate for the Springfield metropolitan population of approximately 500,694 residents as of July 1, 2025 and for the metro's employment base, though city planning documents highlight ongoing needs for infrastructure renewal, complete streets projects, and utility upgrades in older neighborhoods, source City of Springfield planning documents referenced earlier, confidence probable.

For investors, the key point is that Springfield enjoys solid, if not exceptional, transportation and utility infrastructure consistent with its role as a regional center, with no immediate infrastructure constraints evident in public sources that would severely limit near term development activity, but with ongoing capital needs typical of a midsized city with aging assets.

Section 16Climate and Physical Risks

Climate and physical risks in Springfield revolve primarily around severe convective storms, tornadoes, and localized flooding, rather than coastal hazards or sea level rise.

General climatological description, which is not quantified here, places Springfield in a humid continental to humid subtropical transition zone with four seasons and warm, humid summers.

FEMA related hazard data provide a more concrete view of event history. As described in the Insurance section, the DisasterLookup FEMA disaster history for Greene County Missouri reports 26 FEMA disaster declarations from 1974 to 2025 and tracks more than 225 million dollars in public assistance obligations and 7.8 million dollars in individual household program aid, with recent disasters including DR 4,741 and DR 4,876 in 2023 and 2025 for severe storms, straight line winds, tornadoes, and flooding, data, confidence probable. The individual disaster detail page for DR 4,876 emphasizes that the event involved severe storms, straight line winds, tornadoes, and flooding, reinforcing that Springfield's key hazard exposures are wind driven and convective in nature.

Flood risk within Springfield varies by neighborhood and proximity to water bodies such as Jordan Creek and the James River. DisasterLookup reports zero National Flood Insurance Program claims paid in its Greene County summary, which suggests that, relative to the scale of total housing stock, flood claims have been limited, though this figure may reflect data limitations and does not guarantee absence of flood risk, data, confidence probable but incomplete.

For investors, the climate and hazard profile implies that Springfield is moderately exposed to weather related losses, primarily from severe storms, hail, and tornadoes, which can damage roofs, windows, and exterior finishes. Proactive capital planning for roofs and exteriors, robust insurance coverage with appropriate deductibles, and careful attention to building standards for wind resistance are critical. Flood risk appears manageable at a citywide level but must be assessed at the property level through FEMA flood maps and elevation data.

Section 17Neighborhoods and Submarkets

Springfield contains a range of neighborhoods and submarkets with differing price points and rental dynamics, which matter greatly for asset selection.

Realtor dot com's Springfield housing market page provides neighborhood level median listing prices and price per square foot metrics for various neighborhoods in and around the city as of data through July 2026, with some rental data for selected neighborhoods, data, confidence probable. The platform reports the following approximate figures.

Source is Realtor dot com housing market by neighborhood data for Springfield Missouri, charts reflecting historical data through July 2026 with neighborhood breakdown, confidence probable.

The table illustrates the wide spread in neighborhood price points. High price submarkets such as Kissick and Lake Springfield show median listings well above 300,000 dollars and price per square foot at or above metro averages, indicating more affluent and likely lower density areas, potentially attractive for luxury rental homes and high end build to rent product but less suitable for workforce multifamily. More modest neighborhoods such as Westside, Grant Beach, West Central, Doling Park, Midtown, and Woodland show median listing prices in the roughly 112,000 to 170,000 dollar range and lower price per square foot, signaling targets for value add single family rental aggregation and for small scale multifamily repositioning.

The limited rental data show West Central with median asking rent of approximately 1,012 dollars per month and Oak Grove at 1,595 dollars per month, highlighting that some neighborhoods command substantially higher rents, likely due to proximity to employment centers, schools, and amenities. Investors not already active in Springfield should use this neighborhood level data as a starting point for more granular analysis using local broker expertise, drive tours, and property level financials.

Section 18Opportunities

Springfield offers several structural opportunities for accredited real estate investors who are comfortable with secondary markets and willing to underwrite carefully.

First, the combination of a young median age, strong representation of residents in the 18 to 34 year cohort, and the presence of Missouri State University with more than 25,000 students on the Springfield campus creates a durable demand base for rental housing near campus and in adjacent neighborhoods. ACS demographic data and Missouri State University enrollment figures, both, provide confirmed evidence of this base. Purpose built student housing, well managed older houses and small multifamily properties near campus, and professionally managed Class B and C properties that appeal to students and young workers all stand to benefit from this demographic tailwind.

Second, the multifamily sector appears to be at or near the bottom of a supply driven mini cycle. MMG Real Estate Advisors data show that trailing four quarter completions have outpaced absorption over the currently observed period, leading to some softening in occupancy, but also that the construction pipeline has emptied, suggesting that future supply will be more limited in the near term. For investors with a medium term horizon, acquiring assets during a period of slightly elevated vacancy and modest rent growth can be attractive, especially when pricing reflects that temporary softness while long term demand drivers remain intact.

Third, single family home prices and rents, while having appreciated significantly since 2019, remain modest in absolute terms compared with many coastal or high growth Sun Belt markets. ACS and Realtor dot com data show median home values still under 200,000 dollars as of 2023 and median listing prices under 300,000 dollars as of August 2026, with median rents near the low to mid 1,000 dollar range. For build to rent and scattered site single family rental strategies, these price points can yield attractive gross yields if acquisition and renovation costs are controlled and if property taxes and insurance are well understood.

Fourth, Springfield's economic base is diversified across health care, education, manufacturing, logistics, and services, with low unemployment and GDP that has grown in recent years, according to BLS and BEA data. This diversification reduces the risk that a single sector shock would devastate the local economy, though it does not eliminate cyclical risk.

Section 19Risks

Springfield also carries important risks that investors must weigh against these opportunities.

The first is income and affordability risk. While median household income has risen, it remains relatively low at 45,984 dollars as of the 2019 through 2023 ACS five year estimates for Springfield city. With median gross rent at 920 dollars and median home value at 165,200 dollars in that same series, many households may already be close to stretching their housing budgets, particularly those near the poverty threshold, which covers nearly one fifth of the population. Rent increases beyond income growth may raise delinquency and turnover risk, especially in lower income segments and in older Class C stock.

The second risk is supply timing. MMG's data show that Springfield recently absorbed a significant wave of new multifamily units, with 1,099 units completing over the trailing four quarters as of Q2 2026 against absorption of only 394 units. If more untracked projects exist or if broader macroeconomic conditions slow household formation, occupancy could remain under pressure for longer than anticipated, forcing extended concessions and slower rent growth. While the reported pipeline is currently empty, developers could restart projects quickly if capital markets thaw and rents recover.

Third, the commercial real estate sectors lack public vacancy and rent data for Springfield, which adds information risk. Office, industrial, and retail investors must rely on property level and broker sourced information, which can be patchy. This data opacity can lead to mispricing if investors overestimate demand for particular subtypes, such as traditional suburban office, in a world of changing work patterns.

Fourth, climate and hazard risk remains nontrivial. While Springfield is not exposed to coastal hurricanes, the history of FEMA disaster declarations related to severe storms and tornadoes in Greene County suggests recurring exposure to wind and hail events that can damage roofs and exteriors and lead to business interruption. Insurance costs and deductibles may continue to trend upward, squeezing net operating income, and investors must actively manage these risks through construction standards and insurance strategies.

Finally, as a secondary market, Springfield may experience more volatile capital flows than primary markets. In periods of national risk aversion, capital providers may pull back more strongly from smaller markets, tightening lending conditions and widening required yields. Exit liquidity can be thinner, particularly for large institutional scale assets, than in major metros.

Section 20Investor Implications

For accredited investors evaluating Springfield Missouri, the combined data and qualitative factors suggest a market that can fit well into a diversified portfolio but that requires careful selection and conservative underwriting.

Multifamily investors should focus on well located Class B and high quality Class C properties with proven rent rolls and manageable capital needs, where in place rents are below the upper end of achievable market rents yet still affordable relative to local incomes. MMG's rent and occupancy figures indicate that stabilized occupancy in the mid nineties and average rents near 1,000 dollars per unit are achievable in the current environment, but underwriting should assume some vacancy drift and limited rent growth until the recent supply wave is fully absorbed.

Single family rental and build to rent investors can exploit relatively low absolute price points and stable rental demand, particularly in modestly priced neighborhoods with good access to employment centers and schools. ACS and Realtor dot com data show that median values remain within reach, but investors should be wary of submarkets where values have run ahead of incomes or where property condition issues are prevalent.

Commercial investors in office, industrial, and retail should leverage local broker relationships and property specific data to fill gaps in public market statistics, with particular attention to tenant credit, lease term, and small tenant rollover risk. Industrial and logistics assets tied to regional distribution corridors may offer the most compelling combination of demand stability and moderate capital intensity, while traditional office may require higher yields to compensate for leasing risk.

Across asset classes, Missouri's property tax assessment framework, with residential property assessed at 19% of market value and other real property at 32%, reinforces the importance of accurate valuation and careful review of tax bills and reassessment trends. Greene County's levy structure means that effective property tax rates will vary by location, school district, and special district, and should be modeled specifically for each asset.

Investors should also factor in insurance cost trajectories driven by repeated severe storm events, invest in resilient building envelopes, and consider reserve strategies that can absorb periodic spikes in insurance premiums or deductibles.

Section 21Conclusion

Springfield Missouri presents accredited investors with a balanced market profile characterized by steady but not explosive growth, an economy anchored by health care and education, a relatively young population, and housing costs that are rising but still moderate in national context. Multifamily has moved from very tight conditions into a more balanced state after a construction wave, with rents still growing but occupancy slightly under pressure. Single family homes have appreciated significantly but now show signs of cooling listing prices and longer marketing times, creating space for disciplined buyers. Commercial sectors offer selective opportunities but require more bespoke data gathering.

Publicly available data from the United States Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis, HUD, Missouri State Tax Commission, Greene County, and reputable market data providers such as MMG Real Estate Advisors, Realtor dot com, and DisasterLookup provide a consistent picture of a market where long term fundamentals are sound but near term outcomes will depend on how quickly supply is absorbed, how incomes evolve, and how weather related risks and capital markets conditions play out. For investors comfortable with secondary markets and willing to engage with local partners and detailed underwriting, Springfield can play a meaningful role as part of a broader portfolio strategy that balances yield and growth across geographies.