Wichita is a large city located in south central Kansas. It currently has an estimated population of around 390,000 people, which is a five percent increase in the past four years. Wichita is the largest and most populated city in Kansas and is also the economic and entertainment hub for the city. Wichita has a lot of strong industries in the city, including healthcare, education, manufacturing, and agriculture, each of which have continued to lead to continued demand for housing.
Mortgage Loans in Wichita, KS
In most cases, a person that is looking to buy a home in Wichita will need to take out a mortgage. Wichita is served by a lot of different lenders, including both national and regional banks. Some of the leading mortgage lenders in Wichita include Chase Bank, Bank of the West, and Fidelity Bank. Mortgage lenders in Wichita are aware of the overall stability of the housing market and economic health of the city, which allows borrowers to receive lower interest rates than the national averages.
Those that are looking to get a mortgage in Wichita will have a number of different options of mortgage programs. Wichita has a large VA population, many members of which choose to take advantage of the affordable mortgage options. First time homebuyers in the city could also choose to take advantage of either the FHA loans, or the conventional mortgages.
Median Household Income and Home Value in Wichita
One of the main benefits of buying a home in Wichita is the home affordability. While most buyers will never see the dramatic increases in value that are seen in other cities across the country, home pries always seem to rise at a steady rate. Today, the median household income in Wichita is over $46,000 per year. This creates great overall home affordability in the city as the median house value is only around $125,000.
Home values in Wichita tend to be affordable overall, but there are some pockets where prices are more expensive. The most expensive areas of the city are around the downtown Wichita area. This area has seen a lot of urban revitalization in the past decade. This revitalization has included new construction homes and older building conversions. In many cases, homes in these areas sell for over $300,000.
Education in Wichita
The public school system is managed by the Unified School District #259. This public school system current has a total enrollment of just over 50,000 students and is the largest system in the state of Kansas. The students attend one of over 50 different schools spread out aross the state. The overall ratings for the school system are fair, but most people are pleased with the low student to teacher ratio of 16 to 1. The overall funding per student is only $4,000, which is much lower than other school districts across the state and country.
Beyond the public school system, there are about a dozen private schools across the city. After high school, students can also choose to attend the variety of higher education options. The largest college in the city is Wichita State University, which has an enrollment of over 15,000 students. Wichita also has a number of community colleges and trade schools for students and residents to choose from.
Crime in Wichita
Overall, Wichita is considered a very safe place to live and work. It’s overall crime ratings are slightly lower than the average ratings for big cities in the United States. It also has a very low level of violent crimes compared to both national averages and averages for other large cities in Kansas.