Where have the houses gone?

Jefferson City recognized it had a housing shortage before a May 22, 2019, tornado struck Miller and Cole counties destroying more than 150 affordable homes in Jefferson City.

If that wasn’t bad enough, the Jefferson City School District and Capital Region Medical Center bought up storm-damaged (or destroyed) low-rent properties after the storm — to meet expansion plans.

Furthermore, construction costs skyrocketed during the COVID-19 pandemic, and have only recently corrected somewhat, which has slowed recovery efforts.

In the midst of the housing shortage, a number of nonprofits are focused on and struggling to find homes for the city’s poorest residents.

There is a very strong, ongoing competition for property, according to Denise McCorkle, president of Jefferson City Area Board of Realtors.

“I would imagine that in their shoes right now, it’s almost impossible to find (properties),” McCorkle said. “Even investors have had trouble finding properties to add to their portfolios.”

Property prices are climbing, she pointed out. The average selling price of a singlefamily home in the area increased by $25,000 from August 2020 to August 2021, data show.

McCorkle was involved with sales of a couple of older homes that just went under contract, she said. They are downtown, older buildings owners converted to four different apartments. Those are the type of properties several nonprofits desire.

Depending on the condition and the rents, properties of that type are selling for between $180,000-$250,000 right now, she said.

“The rents on the one that just went under contract; all four units brought in almost $2,000 a month (total),” McCorkle said.

For a developer, the income from those four units will far exceed the costs of the mortgage.

At more than $180,000, prices for those multi-family homes are too high for most nonprofits.

Area nonprofits and churches wishing to provide relief from the area housing shortage remain undaunted.

Landmark Church is prepared to jump into affordable housing, Breedlove said. The church recently received a grant, which allowed it to open a community recovery center (Landmark Recovery).