| | 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 90.9, approximately 9% below the national urban area average of 100.
|
Overall Cost of Living Index
|
|
|
Urban Area
|
Index
|
|
Tulsa, OK
|
88.3
|
|
Omaha, NE
|
89.4
|
|
St. Louis, MO-IL
|
89.6
|
| Oklahoma City, OK |
90.5 |
| Des Moines, IA |
90.8 |
| Wichita, KS |
90.9 |
|
Cincinnati, OH
|
91.1
|
| Dallas, TX |
96.4 |
| Colorado Springs, CO |
96.7 |
| National |
100.0 |
| Kansas City, MO-KS |
100.2 |
| Denver, CO |
105.1 |
| Seattle, WA |
116.2 |
| Orange County, CA |
140.1 |
Source: ACCRA Cost-of-Living Survey (Q3-2012)
National = Average of 304 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 $123,600 in the Third Quarter 2012 survey by the National Association of Realtors. Wichita ranked 27th lowest of 154 reporting metro areas and $62,500 or 34% below the national median price of $186,100.
|
Existing Single-Family Home Median Sales Price
|
|
|
Wichita, KS
|
$123,600
|
|
St. Louis, MO-IL
|
$131,300
|
| Indianapolis, IN |
$134,000
|
|
Cincinnati, OH-KY-IN
|
$134,400
|
| Omaha, NE |
$146,100 |
| Kansas City, MO-KS |
$148,500 |
| Dallas, TX |
$165,200 |
| Des Moines, IA |
$165,500 |
| Albuquerque, NM |
$172,900 |
| National |
$186,100 |
| Colorado Springs, CO |
$206,100 |
| Denver, CO |
$260,300 |
| Los Angeles Area, CA |
$355,700 |
Source: National Association of Realtors (Q3-2012)
Newly-built home prices are also quite reasonable. The Q3-2012 average sale price of newly built single-family homes in the Wichita metro area was $231,652. That is $56,293 or 20% below the corresponding national figure of $287,945.
Wichita area apartment rent is also very reasonable. Average two-bedroom apartment rent was $660 in the Third Quarter 2012 ACCRA Survey. That is $221 or 25% lower than the national figure of $881.
|
Two-Bedroom Apartment Average Rent
|
|
|
Urban Area
|
Rent
|
|
Tulsa, OK
|
$588
|
|
Des Moines, IA
|
$618
|
|
Wichita, KS
|
$660
|
|
Omaha, NE
|
$688
|
| Oklahoma City, OK |
$742 |
| Dallas, TX |
$792 |
| St. Louis, MO-IL |
$795 |
| Kansas City, MO-KS |
$800 |
| Cincinnati, OH |
$828 |
| Colorado Springs, CO |
$879 |
| National |
$881 |
| Denver, CO |
$931 |
| Seattle, WA |
$1,417 |
| Orange County, CA |
$1,725 |
Source: ACCRA Cost-of-Living Survey (Q3-2012)
Unfurnished 950 sq. ft., 1 1/2 or 2 bath, stove, refrigerator, water/sewer in rent
National=Average of 306 urban areas
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