Wallace County, Kansas Housing Market Prices
Wallace County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 83% below the Kansas median Cheaper than 90% of counties in Kansas$17,500
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Median rent 43% below the Kansas median Cheaper than 95% of counties in Kansas$601
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Wallace County | Kansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $17,500 | $104,644 | $248,835 |
| Price Trend (Annual %) | -0.6% | 4.4% | 7.5% |
| Median Gross Rent | $601 | $1,060 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wallace County is about 83% lower than in Kansas. Rent is about 43% lower than the Kansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Wallace County: home prices fell about 0.6% a year while rent rose about 4.4% a year. That is an unusual pattern worth watching.
Median rent in Wallace County rose about 48.2% between 2015 and 2024, from $406 to $601. Over the same span, rent in Kansas rose about 40.0%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in Wallace County.
Buying the median-priced home in Wallace County costs roughly 2.4 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 Wallace County. The price-to-rent ratio in Kansas is about 8.2.
| Metric | Wallace County | Kansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $17,500 | $104,644 | $248,835 |
| Median Household Income | $63,022 | $74,287 | $80,455 |
| Price-to-Income Ratio | 0.3 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wallace County fell about 39.1%, while median household income rose about 55.0% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Wallace County | Kansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 60.9% | 58.5% |
| Rental Rate | 21.1% | 29.8% | 31.2% |
| Vacancy Rate | 16.5% | 9.2% | 10.2% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Wallace County has a homeownership rate of 62.5%, higher than the Kansas average of 60.9%. Its housing vacancy rate is 16.5%, compared with 9.2% in Kansas.
Housing Stock
| Metric | Wallace County | Kansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1963 | 1975 | 1978 |
| Median Number of Rooms | 6.6 | 6.0 | 5.5 |
The typical housing unit in Wallace County was built around 1963. On average, 2.3 people live in a home with about 6.6 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wallace County, Kansas.
What is the median home price in Wallace County, Kansas?
The median home price in Wallace County, Kansas is $17,500, lower than the Kansas average of $104,644.
What is the average home price in Wallace County, Kansas?
The typical home price in Wallace County, Kansas, reported as the median sale price, is $17,500. 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 Wallace County, Kansas?
The median gross rent in Wallace County, Kansas is $601 per month, lower than the Kansas average of $1,060.
What was the median gross rent in Wallace County in 2020?
In 2020, the median gross rent in Wallace County, Kansas was $482 per month.
What is the price-to-rent ratio in Wallace County, Kansas?
The price-to-rent ratio in Wallace County, Kansas is about 2.4, meaning it would take roughly 2.4 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 Wallace County.
Are home prices or rent rising faster in Wallace County, Kansas?
Home prices and rent are moving in opposite directions in Wallace County: home prices fell about 0.6% a year while rent rose about 4.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Wallace County, Kansas?
62.5% of households in Wallace County, Kansas own their home, higher than the Kansas average of 60.9%.
What is the vacancy rate in Wallace County, Kansas?
The housing vacancy rate in Wallace County, Kansas is 16.5%, higher than the Kansas average of 9.2%.
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