5 affordable places to live in Kansas
When looking for a home to buy, consider the affordability of your location. Here are five places in Kansas that have been recognized for their low cost of living.
1. Topeka
Topeka is one of the most affordable urban areas in the United States, coming in at number 22 on Niche's list of cities with the lowest cost of living. It's also a great place to buy a home, ranked 31st-best for homeowners out of 228 cities ranked. The 57% of residents who own their own homes benefit from a low median home value of $102,600, compared to the national average of $184,700. Property taxes in Shawnee County are relatively high though, coming in at an average of 1.49% of home's assessed fair market value, according to Tax Rates.org.
2. Wichita
Wichita isn't quite as affordable as Topeka, taking the 31st place on Niche’s list of the cities with the lowest cost of living in America. However, it's among the top 40 cities in which to buy a house, and has also been recognized as a great place to retire. It offers plenty of recreational opportunities, including the science-centric Exploration Place, the Sedgwick Zoo, and Wichita Gardens, a botanical garden where you can enjoy butterflies in their natural habitat. Median home values are a bit higher in Wichita than Topeka at $128,600. Still, 59% of residents are homeowners. And the property tax rate of 1.25% of assessed fair market value in Sedgwick County is a bit below what Topeka residents pay, so homeowners can find some savings there.
3. Kansas City
Kansas City has been recognized as one of the most diverse cities in America, and it's also fairly affordable, coming in at number 40 on Niche's list of cities with the lowest cost of living. Here, 56% of residents own homes with a median value of $91,600. The city is in Wyandotte County, where property tax rates are fairly high at 1.64% of a home's assessed fair market value.
4. Overland Park
Overland Park is far from the bargain of the other cities mentioned, but it's still the 105th cheapest city in America when comparing cost of living. All the same, it's been named as the single best place to buy a house in the entire country. That's the case despite a median home value of $261,200, and a high median property tax rate of 1.27% of assessed fair market value. The suburban feel combined with a proximity to restaurants, parks, and coffee shops make it an attractive locale, which could help explain why 63% of residents are homeowners.
5. Arkansas City
Despite its name, Arkansas City is actually a Kansas town. It ranks highly for affordability, and has been recognized for its diversity and for being a good place for retirees. Residents of all ages in Arkansas City can enjoy visiting the Cherokee Strip Land Rush Museum, or exploring the outdoors at Wilson Park. Homes here have an affordable median value of $66,500, which is likely why around 56% of residents own one. The fact that its county's property tax rate of 1.52% is below some of the other places on this list is another factor in favor of choosing Arkansas City.
While most people purchase a home close to work and family, paying attention to cost of living is also important. Buying a cheaper home means borrowing less, which should keep mortgage loan costs down, and make it easier to pay off your housing debt. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
