| | 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 90.6, roughly 10% below the national urban area average of 100.
|
Overall Cost of Living Index
|
|
|
Urban Area
|
Index
|
|
Oklahoma, OK
|
87.4
|
|
Omaha, NE
|
88.2
|
|
Wichita, KS
|
90.6
|
| St. Louis, MO-IL |
90.6 |
| Dallas, TX |
90.9 |
| Des Moines, IA |
91.0 |
|
Tulsa, OK
|
91.4
|
| Cincinnati, OH |
91.8 |
| Indianapolis, IN |
94.8 |
| Colorado Springs, CO |
95.0 |
| Kansas City, MO-KS |
96.5 |
| National |
100.0 |
| Denver, CO |
105.0 |
| Seattle, WA |
123.3 |
| Orange County, CA |
154.9 |
Source: ACCRA Cost-of-Living Survey (Q3-2007)
National = Average of 302 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 $118,800 in the third quarter 2007 survey by the National Association of Realtors. Wichita ranked 16th lowest of 151 reporting metro areas; and $102,000 or 46% below the national median price of $220,800
|
Existing Single-Family Home Median Sales Price
|
|
|
Wichita, KS
|
$118,800
|
|
Indianapolis, IN
|
$123,500
|
|
Oklahoma City, OK
|
$130,000
|
|
Omaha, NE
|
$142,800
|
| Cincinnati, OH |
$145,300 |
| Dallas, TX |
$146,800 |
| St. Louis, MO-IL |
$150,500 |
| Des Moines, IA |
$153,900 |
| Kansas City, MO-KS |
$157,000 |
| Albuquerque, NM |
$204,800 |
| National |
$220,800 |
| Colorado Springs, CO |
$222,400 |
| Denver, CO |
$254,100 |
| Seattle, WA |
$394,700 |
| Los Angeles Area, CA |
$588,400 |
Source: National Association of Realtors (Q3 - 2007)
Newly-built home prices are also quite reasonable. The 2006 median sale price of all newly-built single-family homes in the Wichita metro area was $170,000. That is $71,600 or 30% below the corresponding national figure of $241,600.
Wichita area apartment rent is also very reasonable. Average two-bedroom apartment rent was $654 in the third quarter 2007 ACCRA Survey. That is $139 or more than 18% lower than the national figure of $793.
|
Two-Bedroom Apartment Average Rent
|
|
|
Urban Areas
|
Rent
|
|
Tulsa, OK
|
$567
|
|
Des Moines, IA
|
$602
|
|
Wichita, KS
|
$654
|
|
Omaha, NE
|
$676
|
| Oklahoma City, OK |
$693 |
| Dallas, TX |
$704 |
| Colorado Springs, CO |
$729 |
| Cincinnati, OH |
$742 |
| Kansas City, MO-KS |
$762 |
| National |
$793 |
| Denver, CO |
$820 |
| St. Louis, MO |
$827 |
| Indianapolis, IN |
$859 |
| Seattle, WA |
$1,461 |
| Orange County, CA |
$1,589 |
Source: ACCRA Cost-of-Living Survey (Q3 - 2007)
Unfinished 950 sq. ft., 1 1/2 or 2 bath, stove, refrigerator, water/sewer in rent
National=Average of 302 urban areas
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