Prospective homebuyers in Kansas are facing steep increases in mortgage payments compared to just three years ago. According to a recent report, monthly payments have surged by 69.1%, mainly due to higher home prices and increased mortgage interest rates. In 2020, the average monthly mortgage payment in Kansas was around $974, but that number has ballooned to $1,647 in 2023. The spike has made homeownership substantially less affordable, especially for first-time buyers struggling to enter the market.
Experts attribute the rise to a combination of limited housing supply, elevated demand, and the Federal Reserve’s ongoing efforts to curb inflation, which have pushed interest rates higher. While housing inventory remains tight and continue to drive up prices, some analysts suggest that affordability challenges may force a slowdown in the market unless supply catches up or rates begin to ease.
Read more about Arizona home prices.
