The housing market boom continues in Wichita after being ranked the second most affordable city in the nation in July according to RealtyHop.com.
With a median asking price of $140,000, a family in Wichita would only need to spend 16.41% of their annual income of $52,620 toward homeownership costs.
To draw comparison, Los Angeles, the second least affordable city, has a median asking price of $945,000. That means on average an L.A. family making $62,000 a year would need to allocate 84.3% of their annual income toward monthly mortgage payments and property taxes.
Wichita took the #2 ranked spot after being ranked behind Fort Wayne, IN prior to May
It has been busier than ever in 2021 in Wichita’s real estate market, which did not slow down as much as other markets did as a result of the pandemic. Even with housing being incredibly affordable, Homes in Wichita are currently 12.8 percent more expensive than they were in early 2020, and local real estate brokers expect them to rise even further in value over the coming few years as the economy continues to grow.
The housing market in the United States has become increasingly strained as a result of record low mortgage rates and years of underdeveloped home inventory. Over the past two years, the national housing shortage has increased by more than 50%, and there are now over 4 million fewer homes available than are needed to meet projected demand.
Using both proprietary and ACS Census data, the RealtyHop Housing Affordability Index calculates an index of housing affordability and homeownership burden among the 100 most populated cities in the United States. Average house prices are derived using over 300,000 listings in the RealtyHop database over the course of a single month before they are published.