Buy Or Rent a Home in Kansas City? What To Consider
Among the many famous real estate markets, one has been mainly the talk of the town these days. It is the Kansas City real estate market. However, with rising popularity, there has been quite a rise in both the rents and the home listing process.
According to the reports published by KCRAR, the house price in Kansas City has increased by 18% over the previous few years. But still, it is considered to be more on the affordable side. That’s because many millennials are moving to Kansas City opting for cheaper houses.
If you are thinking of buying or renting a house, it is high time.
But the question here arises: Whether to buy or rent a house?
Is Renting a Better option?
Before discussing why you should rent a house in Kansas City, let’s discuss how much it can cost you.
According to rentdata.org and Zumper, the rent of a 3-bedroom house in Kansas City is between $973-$1500, which is relatively low. Compared to 56 other regions of the US, in terms of paying rent Kansas occupies 52nd place.
Reasons You Should Rent
- You are exempted from many potential expensive liabilities you might have to pay for if it were your own house.
- Also, renters insurance is relatively less affordable compared to homeowner insurance.
Should I buy a House in Kansas City?
According to the report published by Freddie Mac, the interest rate of a thirty-year conventional mortgage has increased compared to the last year. The interest rate has risen from 2% to about 5.3%, almost double the previous year’s.
The average median listing price of a house is around $249K which is pretty low compared to the average income of the people.
Reasons you should Buy
- With the rising inflation, the rents will be higher, so buying is a better option.
- If you’re short on cash but your income is good, you can still buy a house with the help of various programs.
Whether you are buying or renting a house in Kansas City, Missouri, it would be best to devise a plan according to your financial liability. Kansas City is quite an affordable city to move to. But still, you will have to consider your cost of living and whether you want to buy or rent.