Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | McPherson County | Kansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,027 | $104,507 | $242,182 |
| Price Trend (Annual %) | 7.1% | 5.0% | 8.2% |
| Median Gross Rent | $888 | $1,029 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McPherson County is about 45% higher than in Kansas. Rent is about 14% lower than the Kansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in McPherson County, up about 7.1% and 4.3% a year respectively. Home prices are changing faster.
Median rent in McPherson County rose about 38.8% between 2015 and 2023, from $640 to $888. Over the same span, rent in Kansas rose about 35.9%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in McPherson County.
Buying the median-priced home in McPherson County costs roughly 14.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in McPherson County. The price-to-rent ratio in Kansas is about 8.5.
| Metric | McPherson County | Kansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,027 | $104,507 | $242,182 |
| Median Household Income | $77,579 | $72,682 | $78,145 |
| Price-to-Income Ratio | 2.0 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McPherson County rose about 52.2%, while median household income rose about 52.6% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | McPherson County | Kansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.2% | 60.4% | 58.2% |
| Rental Rate | 22.4% | 29.9% | 31.3% |
| Vacancy Rate | 7.4% | 9.7% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
McPherson County has a homeownership rate of 70.2%, higher than the Kansas average of 60.4%. Its housing vacancy rate is 7.4%, compared with 9.7% in Kansas.
Housing Stock
| Metric | McPherson County | Kansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1969 | 1974 | 1978 |
| Median Number of Rooms | 6.5 | 6.0 | 5.5 |
The typical housing unit in McPherson County was built around 1969. On average, 2.3 people live in a home with about 6.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McPherson County, Kansas.
What is the median home price in McPherson County, Kansas?
The median home price in McPherson County, Kansas is $152,027, higher than the Kansas average of $104,507.
What is the average home price in McPherson County, Kansas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in McPherson County, Kansas?
The median gross rent in McPherson County, Kansas is $888 per month, lower than the Kansas average of $1,029.
What was the median gross rent in McPherson County in 2020?
In 2020, the median gross rent in McPherson County, Kansas was $748 per month.
What is the price-to-rent ratio in McPherson County, Kansas?
The price-to-rent ratio in McPherson County, Kansas is about 14.3, meaning it would take roughly 14.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in McPherson County.
Are home prices or rent rising faster in McPherson County, Kansas?
Both home prices and rent are rising in McPherson County, up about 7.1% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in McPherson County, Kansas?
70.2% of households in McPherson County, Kansas own their home, higher than the Kansas average of 60.4%.
What is the vacancy rate in McPherson County, Kansas?
The housing vacancy rate in McPherson County, Kansas is 7.4%, lower than the Kansas average of 9.7%.