Wichita, Kansas, situated in Sedgwick County, is a popular place to live, as is shown by the 9% population increase it has experienced over the last few years. Despite the fact that vacancy rates are falling, there are still plenty of opportunities for interested renters and home buyers in this city. Wichita offers plenty of fun and activities, a taste of some of the best barbecue around and an active nightlife. An affordable housing market makes this city the place to be for anyone looking to move to a new place.
Wichita, KS is a great place for affordable rent-to-own homes! With a median household income of over $53,466 and a median rent of $821, the Wichita, KS rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Wichita, KS. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Wichita, KS is seeing rapid growth and Wichita, KS's' housing market remains optimal with an average home price that is -37% below the 2023 national average. Wichita, KS is part of Sedgwick county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Sedgwick is 1.25% which is above the national average, which is 0.99%.