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 | Smith County | Kansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,000 | $104,507 | $242,182 |
| Price Trend (Annual %) | 8.3% | 5.0% | 8.2% |
| Median Gross Rent | $601 | $1,029 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Smith County is about 20% lower than in Kansas. Rent is about 42% 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 Smith County, up about 8.3% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Smith County rose about 30.9% between 2015 and 2023, from $459 to $601. Over the same span, rent in Kansas rose about 35.9%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Smith County.
Buying the median-priced home in Smith County costs roughly 11.6 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 Smith County. The price-to-rent ratio in Kansas is about 8.5.
| Metric | Smith County | Kansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,000 | $104,507 | $242,182 |
| Median Household Income | $56,799 | $72,682 | $78,145 |
| Price-to-Income Ratio | 1.5 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Smith County rose about 57.5%, while median household income rose about 50.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Smith County | Kansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.8% | 60.4% | 58.2% |
| Rental Rate | 13.2% | 29.9% | 31.3% |
| Vacancy Rate | 22.0% | 9.7% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Smith County has a homeownership rate of 64.8%, higher than the Kansas average of 60.4%. Its housing vacancy rate is 22.0%, compared with 9.7% in Kansas.
Housing Stock
| Metric | Smith County | Kansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1951 | 1974 | 1978 |
| Median Number of Rooms | 6.4 | 6.0 | 5.5 |
The typical housing unit in Smith County was built around 1951. On average, 2.2 people live in a home with about 6.4 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Smith County, Kansas.
What is the median home price in Smith County, Kansas?
The median home price in Smith County, Kansas is $84,000, lower than the Kansas average of $104,507.
What is the average home price in Smith 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 Smith County, Kansas?
The median gross rent in Smith County, Kansas is $601 per month, lower than the Kansas average of $1,029.
What was the median gross rent in Smith County in 2020?
In 2020, the median gross rent in Smith County, Kansas was $462 per month.
What is the price-to-rent ratio in Smith County, Kansas?
The price-to-rent ratio in Smith County, Kansas is about 11.6, meaning it would take roughly 11.6 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 Smith County.
Are home prices or rent rising faster in Smith County, Kansas?
Both home prices and rent are rising in Smith County, up about 8.3% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Smith County, Kansas?
64.8% of households in Smith County, Kansas own their home, higher than the Kansas average of 60.4%.
What is the vacancy rate in Smith County, Kansas?
The housing vacancy rate in Smith County, Kansas is 22.0%, higher than the Kansas average of 9.7%.