Kansas City Real Estate Statistics 2024-2023
Kansas City is one of the most exciting places in America to be right now. With a rich history, strong economy, and amazing people, Kansas City has it all. It’s no wonder so many are considering moving there! But before you pack up your bags, take a look at these 8 statistics about Kansas City real estate that might have an impact on your decision.
- The average household income in Kansas City is $45,000
- Kansas City has the third-lowest unemployment rate in the country (4.5%)
- Some homes are selling for 25% below their original asking price
- There are more homes on the market than last year, but about 30% of them are still bank owned
- There are only 5% of homes listed for sale that cost more than $1 million
- The average housing price is $114,000
- Kansas City has the second-fastest population growth rate (1%)
- One-bedroom apartments go for around $590 and two bedrooms go for about $670
- House flipping was 6.7% of all home sales in 2020-2021
Kansas City Real Estate, Facts Data Sources and Trends
1. The average household income in Kansas City is $45,000
That’s about $10,000 less than the national average! And while the national cost of living index is 100, Kansas City comes in at 96.5. So if you are planning on commuting to work from another city, you might want to take that into account. The implication of the average house income in a city is a bit more complicated. Lower-income might mean lower-priced homes, or it can also mean a lower cost of living. Or both!
2. Kansas City has the third-lowest unemployment rate in the country (4.5%)
This is pretty fantastic for anyone looking to purchase property in the area. Fewer people out of work means that the demand for property is more stable, which usually results in higher housing prices. And with median rent at $1,227, Kansas City has likely plenty of income to support this demand! This can help you feel more confident about your investment, but it’s also important to see what sort of home you could get for this amount.
3. Some homes are selling for 25% below their original asking price
This might not last for long though. While there is always some time lag between when a property is listed and when it sells, most homes appear to be selling pretty quickly. The number of properties on the market is currently less than half what it was before the financial crisis hit in 2007! This implies that it is a pretty favorable point in time to buy property.
4. There are more homes on the market than last year, but about 30% of them are still bank owned
This can help you negotiate prices, but there may be more risk involved. Usually, when a home has been on the market for over 6 months without being sold, owners will even take less than what they were asking at first! This means that some properties might not have any motivation to sell and you could end up waiting quite a while before buying or buying something that doesn’t meet your needs as closely as it should. It’s important to do as much research as possible beforehand so you can avoid this.
5. There are only 5% of homes listed for sale that cost more than $1 million
If you’re looking to spend a lot on your property, Kansas City probably isn’t the best choice right now. While there aren’t any restrictions against foreign buyers, there just doesn’t seem to be an abundance of these high-end properties available for purchase right now. If you can make it work though, there is always opportunity in real estate! But if you need more reasons to consider other properties, here are some pros and cons of living in Kansas City.
6. The average housing price is $114,000
As we established earlier, rent in Kansas City isn’t exactly cheap! Though the area has grown rapidly over the last few years ( Source: http://www.kcur.org/post/new-population-estimates-show-continued-growth-in-midwestern ), it’s difficult to afford a property when everything comes out to around $1,000 per month. This makes it pretty unfavorable for someone who wants to live alone or have any luxuries whatsoever while paying. If you can find a roommate or are not too picky about where you live, this would be an excellent time to invest in property!
7. Kansas City has the second-fastest population growth rate (1%)
This is pretty fast for an area that isn’t exactly particularly hospitable towards those looking to buy their place right now! This will probably change as the city continues to grow and become more attractive both to businesses and individuals alike, but it’s something to keep in mind if you’re considering moving there soon. Also, this could mean that properties might appreciate faster than other cities with similar conditions, so keep that in mind if you’re looking to buy or sell.
8. One-bedroom apartments go for around $590 and two bedrooms go for about $670
While these prices aren’t exactly expensive, they might be difficult to afford without roommates especially considering what you can get for the price! Many other cities such as Austin, Dallas, and San Antonio have much more affordable prices than Kansas City. If you don’t mind living in a slightly smaller city, many of them also have much lower costs of living while still having plenty to do and see daily! This would help out anyone looking to save as much as possible on rent.