An Overview of Cost of Living in Wichita, KS
Getting a feel for the cost of living in Wichita is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Wichita is 92, which is 8% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Wichita closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Wichita can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Wichita?
The most insightful perspective on a city comes from its residents. We recently surveyed 31 locals to gauge their perception of the cost of living in Wichita. The feedback revealed that 65% of respondents found the cost of living to be reasonable, with prices on the decline, while 35% regarded it as notably expensive with prices that continue to rise.
Is Wichita Affordable?
Is Wichita affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Wichita, for instance, where the median home price falls 25.2% lower than the national average, and monthly rent rates are 13.5% lower than usual. Additionally, median income levels contribute to the equation, with Wichita flaunting a median household income of $53,466, 3.4% lower than the national norm.
What Factors can Influence the Cost of Living in Wichita?
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Wichita, the transportation index is 8.2% lower than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Where is the Data From?
The Wichita cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
Here are the best places to live in Kansas
10 best cities to buy a new house in Kansas
Top 10 cities in Kansas with the best education system
See the best places to live in & around Wichita