Here's where Kansas City falls, according to them and their data:
12 cities: Where to buy and where to rent
Kansas City, Mo.: Rent
Average list price: $278,334
Average monthly rent : $1,028
Price to rent ratio: 22.55
Kansas City ranks sixth on the list of cities where it's more affordable to rent than buy.With a glut of houses on the market, owners who can't sell their homes are resorting to renting to make ends meet.
"Rental prices have come down over the past couple years because of the economy," said Dave Frohling, owner of Advantage Homes. "And at the same time, we're finding more owners out there who just can't sell their homes and are turning to renting."
Interestingly, they rank Omaha the same way: http://money.cnn.com/galleries/2010/real_estate/1010/gallery.cities_rent_buy/8.html
Seems it still stinks to be in residential real estate here in town, I guess.
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3 comments:
If they use $278k as the "average list price", then I can see how they came up with that.
As someone who shopped for a house two years ago (i.e. when houses were a couple ticks more expensive), this number is absurdly high.
I agree. I'd have to look into those statistics. $278K as the "average List Price"?
I know what "List Price" means in retail and selling furniture, etc., but what does it mean in housing?
$278K in town would buy an AWFUL LOT of house, even before the fall in prices.
"List Price" is the price that shows up when you go on the MLS or Reece and Nichols' website.
Again, I have no idea where they got this number or what zip codes they surveyed. The median sale price in Johnson County has been in the $180s since 2008, and I'd guess that outpaces the metro area as a whole by a large margin.
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