Home On The Range In Kansas: Where Housing Prices Are Easier On The Wallet


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Skyrocketing home prices, the endless quest for a parking spot and the rising cost of avocado toast have many urbanites bidding farewell to their fair cities in favor of locales that have houses they can afford.

Although it may not have the glitz and glamor of coastal cities like New York or Los Angeles, buying a home in Topeka, Kansas, is within reach for many people. Kansas's capital city boasts a median home list price of $250,000, making it the No. 1 emerging housing market this fall, according to the quarterly Wall Street Journal/Realtor.com Emerging Housing Markets Index.

The report pinpoints the leading markets for homebuyers and investors among the 300 largest metropolitan areas. The analysis considered metros with robust housing demand, taking into account factors such as local listing page views, the availability of homes for sale, property taxes and the median duration homes remain on the market before being sold.

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Top 20 Emerging Housing Markets

RankMetroPopulationUnemployment RateMedian Home List Price In September
1Topeka, Kansas231,7832.9%$250,000
2Elkhart-Goshen, Indiana206,8904.3%$280,000
3Oshkosh-Neenah, Wisconsin170,7182.5%$317,000
4Fort Wayne, Indiana426,0763.3%$312,000
5Lafayette-West Lafayette, Indiana226,4523.2%$293,000
6Racine, Wisconsin195,8463.4%$352,000
7Manchester-Nashua, New Hampshire426,5941.7%$535,000
8Concord, New Hampshire156,0202.1%$550,000
9Columbus, Ohio2,161,5113.1%$380,000
10Johnson City, Tennessee210,2563.4%$425,000
11Kingsport-Bristol-Bristol, Tennessee-Virginia311,2723.3%$325,000
12Jefferson City, Missouri150,3502.5%$318,000
13Springfield, Ohio134,8313.5%$200,000
14Santa Maria-Santa Barbara, California443,8374%$1,895,000
15Dayton, Ohio812,5953.6%$240,000
16Janesville-Beloit, Wisconsin164,0403.3%$320,000
17Canton-Massillon, Ohio399,3163.6%$235,000
18Knoxville, Tennessee907,9683%$475,000
19Hartford-West Hartford-East Hartford, Connecticut1,221,7253.4%$400,000
20Worcester, Massachusetts-Connecticut980,1372.9%$490,000

Source: Wall Street Journal/Realtor.com

"These areas are relatively inexpensive," said Hannah Jones, a senior economic research analyst at Realtor.com. "Inflation remains high, home prices are high, mortgage rates are high, so buyers are being hit from every angle right now. For buyers who do need to purchase a home, it's important that they can find one where the monthly payments are going to be reasonable."

Rising home prices and mortgage rates approaching 8% are stretching buyers' budgets to the breaking point. Home prices were about 40% higher nationally, and the typical mortgage rate was 114% greater in September than it was four years ago.

"Wage growth has not kept up with inflation," Jones said. "Homes have to be low-priced for monthly mortgage payments to be reasonable."

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