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Wichita named one of 20 most affordable places to live

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Wichita named one of 20 most affordable places to live in the U.S.

WICHITA, KS:  (wichitaksrealty.news)

It’s no secret that affording city life in the United States has become pretty impossible for the average middle class family today. Cities like New York, LA, and even Denver have rising apartment and home prices that just can’t be met by an average working salary. Millennials are living with their parents longer because affordable prospects for them are not abundant. The good news is: there are still affordable American cities, though they may not be considered as quickly as ones like Boston and Miami.

Coming in at number 5 on the U.S. News’ Real Estate rankings for affordability in 2016 is Wichita, Kansas. With a metro population of 636,095 and a median home price of only $106,400, Wichita is making a name for itself as a city millennials can actually see themselves raising a family in. The median annual salary is $41,800, and income spent on living expenses hovers around 28 percent. Though Wichita has a slightly shrinking population, the trend lends to a relatively high supply of homes and low cost of living, as many companies founded in Wichita, such as Rent-A-Center and Boeing, have since relocated.  Though strength remains with other Wichita employers, think Cargill’s announcement to stay in Downtown Wichita by renovating the Wichita Eagle building and Koch Industries growth plans.

Whichever the trend, one thing remains certain: Wichita’s abundant supply of real estate may run out in upcoming years.

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Richard Wood

Richard Wood, our Editor and contributing Author shares his insights of the national economic data and helps identify trends in the economy and specifically how they effect the local real estate markets in and around Wichita Kansas.
With a top down approach, his focus starts with the Federal Reserve policy makers and their direction on interest rates. Employment, housing starts, and refinancing of current mortgages all come into play when trying to understand how they fit together. Even generational housing trends are important and will be discussed.
Richard brings more than 30 years of knowledge of these markets and will assist the reader in better understanding how they come in to play.