Points of Interest
Kansas’ mortgage rates were slightly higher than the national average as of September. Still, this state has more than 1.2 million homes with a median home value of $145,400 — more than $50,000 under the national average, making it a great choice for first-time homebuyers.
If you’re looking to buy a home in Kansas, you’re in luck. While the state’s current average 30-year fixed mortgage rate of 3.10% is slightly higher than the national average of 3.060%, the state’s median home price is more than $50,000 below the national average, making it a great place for homebuyers to find what they’re looking for without breaking the bank.
Kansas offers a wide variety of both rural and urban amenities across 105 counties, giving prospective homeowners ample choice when it comes to buying in an area with the right cost of living, overall purchase price and local benefits.
Getting a mortgage in Kansas
Housing rates in Kansas are above the national average. According to data from the U.S. Census Bureau, while the owner-occupied housing unit rate is 63.8% nationwide, homeownership hits 66.3% in Kansas. Although mortgage and refinance rates in Kansas — including 30-year fixed, 15-year fixed and 5/1 ARM — are all higher than their national average counterparts, the lower median price of housing means that slightly higher interest rates won’t substantially raise the bar for entry.
From first-time homebuyers to those selling their home and moving from another state, high property ownership combined with low overall costs make Kansas a great choice.
- Median home price: $145,400
- Average 30-year fixed rate: 3.10%
- Median monthly mortgage cost: $1,349
- Homeownership rate: 66.3%
Kansas mortgage rate trends
Kansas mortgage rates generally follow the same trends as the rest of the U.S., typically sitting just above the average nationwide. Just like rates across the country, Kansas refinancing and mortgage costs have been trending downward for the past few decades. According to historical data from HSH, the 30-year fixed rate in the U.S. topped 10% in September 1986. A decade later, it fell to 7.589%, and in September 2006, mortgage rates reached 6.496%.
Kansas current mortgage rates
Current mortgage rates in Kansas continue this trend. As of Sept. 3, a 30-year fixed jumbo loan had an average rate of 2.91%, while the average 30-year refinancing rate came in at 3.14% and 5/1 ARMs were just 3.50%. If you’re looking for a shorter-term loan, a 15-year fixed loan had an average rate of 2.57%.
While the average national mortgage rates were all slightly below those in Kansas, this downward shift, combined with lower-than-average home prices — even in great counties — make Kansas an attractive choice for homeowners.
Most and least expensive places to live in Kansas
The part of Kansas where you purchase your house will impact both the home’s market price and your overall cost of living. More expensive counties are sought after for great views, public school systems or access to amenities, while less costly areas help your budget go further, offering more property or better home features for a lower price.
5 most expensive
- Geary County — Many young professionals live in Geary County, which has a population of just under 35,000. The median home value is $142,000.
- Riley County — Riley County offers some of the best-rated schools in the state, along with easy access to coffee shops, parks and other amenities. The median home value in Riley County is $194,800.
- Gray County — While Gray County comes in at just over 6,000 residents, it has an above-average school system and a median home value of $131,000.
- Johnson County — Considered one of the best places to live in Kansas, this highly-rated county also comes with a high cost of living. The median home value in Johnson County is $244,100.
- Douglas County — With highly-rated public schools and access to great amenities, homes in Douglas County are highly sought after. The median home value is $192,800.
5 least expensive
- Washington County — Washington County features an above-average school system with a lower-than-average cost of living — the median home value here is just $78,200.
- Rooks County — Both young professionals and retirees enjoy Rooks County. With a population of just over 5,000, this county has a median home value of $78,000.
- Greenwood County — Most residents of Greenwood County own their homes — which makes sense since the median home value is just $63,500.
- Rice County — This county of just under 10,000 offers above-average public schools and is popular with young professionals. The median home value is $74,700.
- Phillips County — If you prefer a slower pace of life, Phillips County is popular with retirees and has a population of just over 5,400. The median home value here is $80,000.
Kansas mortgage resources and intricacies
Several state-sponsored programs are available to help homebuyers with the purchase process in Kansas, including:
- The Federal Home Loan Bank Down Payment Assistance Program — Administered by the Community Housing of Wyandotte County (CHWC), this program offers eligible applicants up to $8,000 in downpayment assistance.
- The Kansas Housing Resources Corporation — This organization helps first-time homebuyers find the best fit and provides financial assistance.
It’s also worth noting that Kansas has specific laws surrounding the sale of homes in the state. Sellers (or their real estate agent) must disclose to buyers any environmental hazards affecting the property, the overall physical condition of the property and any material defects that exist.
While the state doesn’t specify exactly what qualifies as a “material defect,” the law generally applies to issues with appliances, electrical systems, heating and cooling systems, water systems and fundamental structural problems. Sellers are also obligated to disclose the presence of radon gas in the home, either upfront on in the homebuying contract itself. If sellers fail to disclose this information, buyers may be able to seek legal remedies in court.
The final word
Homeownership rates in Kansas are higher than the national average, while the median home price and monthly mortgage cost is lower. Although mortgage and refinancing rates in the state are slightly higher than the national average rates, the ability to find a great home — at a great price — makes Kansas a great option for homeowners.