1st Advantage MortgageSpringfield is a MO market where the rent-to-payment ratio decides the loan. Median rent is $964, median home value is $177,700 and 56% of households rent.
Springfield by the Census numbers
The Census Bureau's 2020 to 2024 American Community Survey puts median gross rent in Springfield at $964, close to the Missouri median of $1,033. Median home value sits at $177,700, which is about 23% below the Missouri median of $230,300. Put the two medians together and Springfield shows a gross yield of 6.5%, neither especially thin nor especially rich. Because the rent number covers apartments as well as houses, expect single-family rentals to land above or below it.
| Indicator | Missouri | Springfield | Difference |
|---|---|---|---|
| Persons per household | 2.40 | 2.04 | |
| Share in 2-4 unit buildings | 7.8% | 6.4% | -18% |
| Share of homes detached | 70.5% | 59.5% | -16% |
| Degree holders, age 25+ | 32.4% | 31.4% | -3% |
| Workers on their own account | 9.0% | 7.9% | -12% |
| Renters paying 30%+ of income | 45.6% | 48.7% | +7% |
| Units sitting vacant | 11.2% | 7.0% | -38% |
| Typical construction year | 1978 | 1975 | |
| Annual rent divided by value | 5.4% | 6.5% | +21% |
| Households that rent | 31.9% | 56.1% | +76% |
| Tax as a share of home value | 0.85% | 0.75% | -12% |
| Annual property tax bill, median | $1,948 | $1,326 | -32% |
| Household income, median | $70,702 | $49,311 | -30% |
| Typical monthly rent | $1,033 | $964 | -7% |
| Residents (Census estimate) | 6,191,814 | 169,954 |
A renter-heavy city, Springfield has 56.1% of households renting (well above the Missouri median of 32%), which is good for demand and a reminder to check rent comparables carefully. Against a median household income of $49,311 (well below the Missouri median of $70,702), 49% of renters report rent at or above 30 percent of income.
Homes, buildings and vacancies in Springfield
Only 59% of units in Springfield are detached houses. The rest is townhomes, duplexes and apartments, with two to four unit buildings at 6% of the total. Homes here date to 1975 at the median, which is old enough to need system replacement but modern enough to avoid the worst surprises.
About 7% of Springfield's housing units are vacant, and the rental vacancy rate (units for rent against rented plus for-rent units) works out to 3.9%.
What the data means for Springfield buyers
A 6.5% gross yield makes Springfield a market where the ratio is achievable but not automatic. A few hundred dollars of extra insurance or dues can decide a borderline file. Homes of this vintage age unevenly, so rent comparables should come from properties in similar condition. Renter-heavy markets like Springfield favor investors with a clear tenant profile, whether workers, students or families.
The payment side of the Springfield ratio
Tax drag is easy to underestimate. Springfield owners report a median $1,326 in annual real estate taxes, well below the Missouri median of $1,948, an effective 0.75% of median home value. Measured against a year of median rent, taxes eat about 11% before any other cost shows up.
FEMA's National Risk Index (version 1.20, December 2025) rates Greene County as relatively moderate overall for natural hazard risk, with ice storms (very high), winter weather (very high) and heat waves (relatively high) among its leading hazards.
| Hazard in Greene County, FEMA index | Level |
|---|---|
| Lightning exposure | Relatively High |
| Heat waves exposure | Relatively High |
| Winter weather exposure | Very High |
| Ice storms exposure | Very High |
| Social vulnerability score | Relatively Low |
| Annualized loss estimate | Relatively Moderate |
| Composite risk | Relatively Moderate |
In Greene County, as anywhere, the premium is part of PITIA, which means a quote with the roof, age and flood zone of the actual Springfield address belongs in your file early.
Rent math for Springfield buyers
The quick test for Springfield: rent of $964 divided by a 1.25 ratio allows a total payment of $771, and subtracting $110 in monthly taxes leaves $661 for the loan, insurance and dues. At 1.00 the allowance is the full $854.
What MO law and Springfield require of landlords
Rental registration, inspection and nightly-stay rules differ by city, and we have not verified Springfield's from a municipal source. A short call to the city and Greene County before you make an offer is cheap insurance. Guests who book by the night in Springfield are taxed under state law as follows. Missouri treats nightly vacation rental charges, including cleaning and service fees, as taxable sales, exempts stays of 31 or more consecutive days, and requires marketplace facilitators to collect, while local lodging and tourism taxes remain the owner's job unless the platform handles them.
Deposits come due back within 30 days of the tenant leaving, and Springfield owners should document condition at both ends of the lease. Expect to give Written notice; tenancy ends on a rent-paying date at least one month after the tenant receives it of notice to end a month-to-month arrangement at a Springfield rental. As to caps on rent in Springfield: Cities and counties may not enact or enforce rent control ordinances (with narrow exceptions for subsidized/public property).
How Springfield stacks up statewide
Here is how Springfield ($177,700) compares with other Missouri cities we cover, where values run $148,800 in Florissant up to $263,100 in Blue Springs.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Florissant | 33% | $2,083 | $148,800 | 51,773 | $1,288 |
| Blue Springs | 31% | $3,324 | $263,100 | 59,965 | $1,277 |
| Independence | 39% | $1,914 | $172,900 | 121,740 | $1,109 |
| Springfield | 56% | $1,326 | $177,700 | 169,954 | $964 |
Employers and institutions near Springfield rentals
Self-employed workers, incorporated or not, make up 7.9% of employed residents, a group that often has irregular tax-return income and a natural fit with rent-based qualification. Looking at who fills the rentals, government workers are about 11% of employment, 31% of adults hold a bachelor's degree or higher and 5% of commuters travel 45 minutes or more.
Among the employers recorded for Springfield for 2023: CoxHealth, Mercy Health System, State of Missouri, Walmart and Sam's Club and Springfield Public Schools. Those payrolls shape which neighborhoods lease fastest. Campuses such as Missouri State University, Drury University, Central Bible College and Assemblies of God Theological Seminary pull tenants into Springfield, and landlords near them can plan around move-in seasons. For getting around, Springfield has interstate access via I-44 and air service through Springfield-Branson National Airport and Springfield-Branson National Airport, which matters to commuters and to out-of-town owners planning a visit.
From a Springfield listing to a loan
Ready to test a Springfield deal? Use the calculator for the ratio, then start your application or send us the scenario.
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Sources
- Wikipedia article, Springfield, Missouri
- Missouri landlord deposit rules, RSMo § 535.300
- Missouri DOR, vacation home rentals (Missouri)
- ACS 2020 to 2024 estimates for Springfield
- FEMA National Risk Index
Springfield's figures are ACS estimates covering 2020 to 2024 and are not exact counts. The Missouri legal summaries are from the RedFlagLease dataset, licensed CC BY 4.0, with statute links. Our check date is October 2026, so look for newer Springfield rules before you commit.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
Lease or market rent: what counts in Springfield?
It comes from a lease or from the market rent in the appraisal, whichever the program uses. Against that, the Springfield median is $964.
How is the DSCR figure built for a Springfield property?
They do. Rent of $964 divided by 1.25 gives about $771 as the payment ceiling, and $110 of that is spoken for by the median Springfield tax bill.
What do Springfield owners pay in real estate taxes?
Typical owners pay $1,326, or 0.75% of home value, with Missouri overall at 0.85%. Do not assume the seller's bill carries over to you.
Can nightly stays at a Springfield property support a DSCR file?
Possible where lender guidelines allow it, subject to Springfield and Greene County rules and to the building's association. Lenders usually average a year of bookings and discount the result.
When must a Springfield landlord return a deposit?
A landlord has 30 days to return the deposit. Both come from RSMo § 535.300.
Does hazard risk affect a Springfield DSCR loan?
FEMA's National Risk Index rates the county's overall natural hazard risk as relatively moderate. That is a county-level view, so check the FEMA flood map and an insurance quote for the exact Springfield address.
Can a company be the borrower on a Springfield purchase?
An individual can borrow too. If you prefer an entity for the Springfield purchase, expect to provide formation documents and sign a personal guaranty.