Hello,
I wanted to see what the market in Joplin looks like.
How is demand after the tornado?
What is lot rent run on average?
How much demand is there for rent to own units?
Any other information about the market?
Poor to fair–mostly run down parks–government came in to subsidize housing and helped people with low rate loans for houses etc–thus no help to parks in the area. The future for lot rent very static and have no experience with rent to own. the whole SW area including Springfield has some of the lowest cost for homes in the USA. RV parks are full and more needed!!!
Our experience there has been entirely different. We owned – although no longer own – a senior park there and found the market to be extremely solid. The metro population is around 177,000, the median home price is $114,100 , the vacant housing rate is 10.36% vs. 12.45% U.S. average, and the 3-bedroom is $930. Here’s the top 10 employers:
|1|Freeman Health System|3,139|
|2|Con-way Truckload|2,677|
|3|Mercy Hospital Joplin|2,480|
|4|Joplin School District|1,200|
|5|Eagle-Picher|1,022|
|6|Walmart|920|
|7|Systems & Services Technologies|751|
|8|Missouri Southern State University|733|
|9|AT&T Mobility|688|
|10|Empire District Electric Company|568|
As you can see, a dominant position in healthcare and education employment, which is recession-proof.
Most of the “rundown” parks in Joplin are not do to lack of demand but lack of good management and energy on the part of mom & pop owners.
Again, I am not a current owner there, but I drive through Joplin all the time on the way down to our Oklahoma parks and it looks good to me.
With some of the lowest priced homes in the USA and low apartments rates good luck getting above $300 per month. Why would you sell a senior park in such a good area and some of the run down parks are operated by large corps.