Kansas City, Missouri is known for barbeque, Jazz, trains, and the World War I Museum. It is a leading city in technology, and it is home to the Kansas City Royals. Half the city lies in Missouri, and the other half lies in Kansas. President Harry S. Truman was born in the city, and it is the second largest rail center in the country. It is nicknamed the City of Fountains, and it has over 20 colleges and universities. The climate is pleasant and mild. The food is delicious, the drinks are satisfying, and the cost of living is low. If you are planning to purchase a home in Kansas City, you have numerous options that will offer you a chance to own a home in a great neighborhood.
Median Income and Demographics of Kansas City
The median household income in Kansas City stands at $50,259. This number has significantly increased in the last decade. The population is 465,005. 59% are white, 29% is African American, and 2.4% is Asian. 10% are Hispanic.
Median Home Prices in Kansas City
The cost of living in Kansas City is a little lower than the national average. The median home prices stand at $133,600. Kansas City possesses a strong economy. It is the largest producer of beef, and numerous factories and plants.
Crime Rates in Kansas City
Unfortunately, the crime rate in Kansas City is fairly high. The crime rate is more than 100% above the national average. There are almost 30,000 crimes reported each year, and 6,700 of those are violent crimes.
Schools in Kansas City
The average test scores in Kansas City is 37%. This is significantly lower than the national and state average. There are 166 public schools in the city. 84% of the people have a high school diploma, and 31% have a bachelor’s degree. There are numerous excellent schools of higher education. The University of Missouri in Kansas City at http://www.umkc.edu/ offer numerous degree plans.
Mortgage Loan Options in Kansas City
Many lenders in Kansas City are waiting to help you find the right home loan for you. Your mortgage will probably be your largest bill, so you want to make sure you get the best rate. Here are some of the types of existing mortgages:
- Conventional loans: This is a loan not backed by the Federal Government. You usually need a credit score of above 620, and the amount cannot be above $417,000. You will also need an acceptable debt to income ratio. You must have private mortgage insurance if your down payment amount is less than 20%.
- FHA loans: This loan requires private mortgage insurance, and they are backed by the Federal Housing Administration. You will need a down payment of 3.5%, and in Kansas City, the amount cannot exceed $278,300. You do not need a perfect credit score to qualify.
- VA loans: These loans are insured by the Veterans Administration. You must be an active duty or veteran member of the military. There is not a maximum amount, and you can receive 100% financing.
- USDA loans: These loans are insured by the US Department of Agriculture. The property must be in a rural area. No down payment is needed.
You can obtain a fixed rate or an adjustable rate mortgage. A fixed rate keeps the same interest rate until the loan is completely paid. You will know how much you will pay in interest, and your monthly payment amount will not change. You can pay the loan off in 30 years, 15 years, or 10 years.
An adjustable rate loan has rates that might change throughout the life of the loan. After a certain period, your rate will increase or decrease. Therefore, your monthly payment amount could increase, making it more difficult for you to make payments
Kansas City Missouri is considered the heartland of the country. The housing is affordable, the hospitals are excellent, and the weather is nice. You can relax at one of the parks, or you can enjoy the shopping districts. If you are looking for a home in Kansas City, you have so many options. Therefore, research your choices, so you will be familiar with the area and neighborhoods.