| | Housing/Cost of Living Reasonable overall cost-of-living (particularly moderate housing costs) are a particularly effective personnel recruiting and retention inducement.
Overall Cost-of-Living
Even with its many amenities, Wichita's overall cost-of-living index is a very moderate 89.8, roughly 10% below the national urban area average of 100.
|
Overall Cost of Living Index
|
|
|
Urban Area
|
Index
|
|
Oklahoma City, OK
|
86.4
|
|
Omaha, NE
|
87.3
|
|
Tulsa, OK
|
88.8
|
| Wichita, KS |
89.8 |
| St. Louis, MO-IL |
90.0 |
| Cincinnati, OH |
91.6 |
|
Des Moines, IA
|
91.7
|
| Dallas, TX |
91.9 |
| Colorado Springs, CO |
92.1 |
| Indianapolis, IN |
94.2 |
| Kansas City, MO-KS |
96.1 |
| National |
100.0 |
| Denver, CO |
105.1 |
| Seattle, WA |
121.5 |
| Orange County, CA |
153.7 |
Source: ACCRA Cost-of-Living Survey (Q1-2008)
National = Average of 311 participating urban areas
Housing Costs
Housing is a particular bargain in the Wichita market. The median selling price of existing (previously owned) single-family homes in the Wichita metro area was $112,700 in the First Quarter 2008 survey by the National Association of Realtors. Wichita ranked 27th lowest of 151 reporting metro areas; and $83,600 or 43% below the national median price of $196,300.
|
Existing Single-Family Home Median Sales Price
|
|
|
Indianapolis, IN
|
$107,300
|
|
Wichita, KS
|
$112,700
|
|
St. Louis, MO-IL
|
$121,400
|
|
Oklahoma City, OK
|
$124,900
|
| Cincinnati, OH |
$128,500 |
| Omaha, NE |
$132,900 |
| Kansas City, MO-KS |
$139,500 |
| Dallas, TX |
$142,400 |
| Des Moines, IA |
$147,900 |
| Albuquerque, NM |
$190,500 |
| National |
$196,300 |
| Colorado Springs, CO |
$208,900 |
| Denver, CO |
$223,500 |
| Seattle, WA |
$372,300 |
| Los Angeles Area, CA |
$459,400 |
Source: National Association of Realtors (Q1 - 2008)
Newly-built home prices are also quite reasonable. First Quarter 2008 median sale price of all newly-built single-family homes in the Wichita metro area was $191,770. That is $41,930 or 18% below the corresponding national figure of $233,700.
Wichita area apartment rent is also very reasonable. Average two-bedroom apartment rent was $657 in the First Quarter 2008 ACCRA Survey. That is $140 or more than 18% lower than the national figure of $797.
|
Two-Bedroom Apartment Average Rent
|
|
|
Urban Areas
|
Rent
|
|
Tulsa, OK
|
$580
|
|
Des Moines, IA
|
$591
|
|
Omaha, NE
|
$626
|
|
Wichita, KS
|
$657
|
| Oklahoma City, OK |
$691 |
| Dallas, TX |
$724 |
| Colorado Springs, CO |
$738 |
| Cincinnati, OH |
$746 |
| Kansas City, MO-KS |
$766 |
| National |
$797 |
| St. Louis, MO |
$809 |
| Denver, CO |
$814 |
| Indianapolis, IN |
$849 |
| Seattle, WA |
$1,464 |
| Orange County, CA |
$1,639 |
Source: ACCRA Cost-of-Living Survey (Q1 - 2008)
Unfinished 950 sq. ft., 1 1/2 or 2 bath, stove, refrigerator, water/sewer in rent
National=Average of 311 urban areas
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