Ray County

Ray County sits at a median home price of $272,099 with 4.88% year-over-year appreciation, placing it in the 82nd percentile nationally out of 1,000 counties ranked. The affordability index comes in at 72, which is serviceable but not exceptional. Critically, the dataset does not include a median rent figure or gross rent multiplier for Ray, which means cap rate and cash-on-cash return cannot be calculated from this data. What can be said is that the appreciation score of 86 is the standout number here, while a cash flow score of 0 tells you clearly where this market does not deliver. Ray is sitting toward the appreciation end of the spectrum, and any investor underwriting it for yield alone is working without the numbers to support that thesis.

The profile that fits Ray County is an appreciation-oriented buyer, not a cash flow operator. The 86 appreciation score, combined with 4.88% price growth over the last year and a median price that remains under $275,000, suggests a market where equity accumulation is the primary return driver. A value-add operator looking to force appreciation through renovation could find the sub-$275K entry point workable, but without rent data in this dataset, underwriting a stabilized yield is not possible from what's provided. A pure cash flow buyer should look elsewhere, and the zero cash flow score is the clearest signal the data offers on that point. With a population of 23,122, this is a small county, which adds execution risk: the buyer pool for an exit is narrower, and vacancy can move meaningfully on a small portfolio.

On carry costs, the combined monthly tax and insurance figure of $320 deserves attention. At a 0.97% state-average effective property tax rate, Ray falls into the normal range, so this is not an underwriting red flag the way a 1.5%+ rate would be. That said, the $320 monthly figure, $2,639 in annual taxes plus $1,197 in annual insurance, is a real line item. On a $272,099 purchase with 20% down, that $320 per month is a fixed drag regardless of what rents do. Buyers should confirm the actual county and township levy rather than relying on the state average, as the data itself notes this is a state-average estimate from Tax Foundation 2024 and local rates will vary.

Ray County's closest comparable by price and score is Clinton County, MO, at $275,256 median and an overall score of 70. Ray's overall score of 71 and higher appreciation score suggests it's a marginal step up on the momentum side, though the two markets are nearly identical in price. Andrew County comes in at $281,483 and an overall score of 73, making it the strongest performer among Ray's neighbors on the overall composite. If appreciation is the goal, Andrew's higher overall score and slightly higher price point suggests it may be further along a similar trajectory. Butler County at $160,556 median and a 0.0673 rent-to-price ratio gives a very different investor profile: lower entry, more measurable yield, better suited to a cash flow buyer. Saint Louis City is the yield outlier in this neighbor set, with a rent-to-price ratio of 0.0879 and a median price of $175,441, meaning investors willing to operate in an urban core environment get meaningfully better gross yield math. If raw cash flow is the priority, the data supports Saint Louis City or Butler County over Ray. Choose Ray over its neighbors specifically when the thesis is price appreciation in a small exurban or rural Missouri market, the entry price is a constraint above $160K, and the investor has tolerance for limited liquidity given the county's population size.

The concentration risk here is real and tied directly to that population figure. At 23,122 residents, Ray County has a thin tenant pool and a thin resale market. A shift in local employment or demographic trends could move vacancy and values in a way that larger metros absorb without much notice. No economic anchor data was provided for Ray, so the stability score of 50 cannot be unpacked further from this dataset. That middling stability number, combined with the small population, is the core risk to carry into any underwrite alongside the appreciation upside.