Kansas City, Missouri
Housing Market Information
It’s well-known that the Midwest is one of the most affordable places to live in the country, and since KC is smack dab in the middle of this region, it’s cost-effectiveness is a major draw. Right now, the median price of a single-family home is around $108,000. With a 30-year conventional mortgage at an interest rate of around 4%, the monthly payment on a property at this price is only about $500. With a population of 463,202 residents and 192,406 total housing units (homes and apartments) Kansas City real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Kansas City, accounting for 62.47% of the city’s housing units. Other types of housing that are prevalent in Kansas City include large apartment complexes or high rise apartments (23.21%), duplexes and homes converted to apartments or other small apartment buildings (7.44%), and a few row houses and other attached homes (5.90%).
The most prevalent building size and type in Kansas City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.23% owning and 41.77% renting.
Appreciation rates are strong in Kansas City. Despite a nationwide downturn in the housing market, Kansas City real estate has continued to appreciate in value faster that most communities. Looking at the last few years, Kansas City has appreciated by 2.30%.
Unique Kansas City Experiences (Click the photos below):
Kansas City has had huge growth in several different industries in the last couple of years. Google, Sprint, and other major tech companies are proud to call this part of the Midwest home. With that, millennials really like Kansas City. People in their 20s currently make up the largest share of the renting population, and the millennial bracket overall (those aged 18-34) largely prefers renting a home over buying one.
Kansas City is becoming a cultural heavyweight, thanks to icons such as the Kauffman Center for the Performing Arts, the Nelson-Atkins Museum of Art, the National World War I Museum, the Negro Leagues Baseball Museum, and so much more. The city just installed a streetcar system downtown, and suburban growth continues to push the metro area beyond what many ever imagined.
Gorgeous fountains, world class barbeque, lively nightlife, abundant parkland, major league sports with a great fan base are just a few of the things that make KC great!