The Kansas City housing market is generally following the latest national trends. In other words, interest rates are slowly rising. But don’t let unfavorable conditions stop you from buying a home in Missouri. Keep reading to find out more about buying a home in Kansas City.
Quick Kansas City Housing Facts
Percent of Homeowners in Kansas City: 70.3%
Percent of Renters in Kansas City: 29.7%
Median Kansas City Household Income: $41,994
Average Kansas City Credit Score: 683
Best Cities to Live in Missouri: Ballwin, Lees Summit
Median Kansas City Home Value: $89,900
How Much Real Estate Can I Afford In Kansas City?
Before you enter the Kansas City housing market, you need to know where you stand. Luckily, we have a few tools that can help you determine such information. First, fill out the following questionnaire:
- How much am I willing to spend on my monthly mortgage payments?
- What kind of payment plan will work well for me?
- What are the property taxes like in Kansas City?
- What are current interest rates in Kansas City?
Once you’ve completed the questionnaire, check out our online mortgage calculators. Once you’ve done some number crunching, you should have a pretty good idea of where you stand and will know what your next move will be.
Refinancing in Kansas City
Do any of the following descriptions sound like you?
- My best friend and her husband just bought a house and their interest rate is 2% lower than ours. I want an interest rate like theirs.
- My balloon payment for my mortgage payment is coming up and I don’t have the cash for it. I want to keep making monthly payments instead, even if they have to be a little higher than the ones I’ve been making so far.
- My wife and I have brought our credit scores way up over the past few years. We wish we could take advantage of lower interest rates now that we qualify for them.
All of the previous descriptions are situations in which the homeowner may want to refinance. If you think you could benefit from a refinance, talk to your mortgage broker.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.