Home Affordability in Wichita, KS
The median home price in Wichita is $185,000 with a median household income of $51,096. Housing is moderately affordable relative to local incomes.
Median Home Price
$185,000
Median Income
$51,096
Price-to-Income Ratio
3.6x
Est. Affordable Home
$199,000
Property Tax Rate
1.39%
Annual Property Tax
$2,572
Sales Tax Rate
7.65%
Cost of Living Index
84
Buying a Home in Wichita
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $51,096 in Wichita can afford a monthly housing payment of approximately $1,192. This translates to a home price of roughly $199,000, which is at or above the median home price — the typical home is within reach for a median-income household.
Property taxes on a median-priced home in Wichita would be approximately $2,572 per year ($214/month) at the effective rate of 1.39%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,550 | $179,450 | Yes |
| 5% | $9,250 | $175,750 | Yes |
| 10% | $18,500 | $166,500 | Yes |
| 20% | $37,000 | $148,000 | No |
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