Cost of living in Kansas: Housing affordability. Utilities cost. Transportation expenses. Grocery prices. Healthcare costs. Education expenses. State tax rates. Dining out prices. Entertainment expenses. Average income levels.
Housing affordability
In Kansas, there is a significant shortage of affordable rental homes for Extremely Low-Income households, with 87,991 renter households facing severe cost burdens, spending more than half of their income on housing. The state has a shortage of 52,340 rental homes affordable and available for these households, highlighting a critical need for Affordable Housing Solutions.
Utilities cost
The average monthly utility bill in Kansas is approximately $335, with the largest expenditures being electric at $125 and natural gas at $170, while water and internet costs average $30 and $25, respectively. For a comprehensive understanding of these expenses, you can explore this Detailed Guide for the Exact Kansas Cost of Living 2024, which provides insights into various aspects of living expenses in the region.
Transportation expenses
In Kansas, transportation expenses encompass various elements, including approximately $304 per month for fuel for a two-car household and an average of $420 per month for car insurance for two vehicles. Additional costs, such as maintenance, repairs, and other vehicle expenses, significantly contribute to the overall annual cost of owning a car, which is estimated to be between $14,000 and $15,000. For a comprehensive overview of these expenses, you might explore A Detailed Guide For The Exact Kansas Cost of Living, where you can find more in-depth information regarding the financial aspects of living in Kansas.
Grocery prices
In Kansas, grocery prices are approximately 3% lower than the national average, making it one of the more affordable states for food purchases. This economic advantage is just one of the many aspects that residents consider when evaluating their cost of living. For more detailed information on living expenses across different areas, the Cost of Living Calculator provides valuable insights and comparisons tailored to your specific needs.
Healthcare costs
In Kansas, healthcare costs are a significant concern, with half of the residents delaying medical care due to cost, and nearly 8 in 10 viewing healthcare costs as a problem. The average monthly healthcare premium is $510, slightly above the national average, and hospital bills have increased substantially in recent years. For more details, please visit the Blue Cross and Blue Shield of Kansas news release which highlights the impact of rising healthcare costs on the residents of Kansas.
Education expenses
In Kansas, for the 2022-23 academic year, the average school spending per student reached a striking figure of $17,650. This expenditure encompasses contributions from various sources, with state aid providing a substantial sum of $11,202, federal aid accounting for $2,327, and local expenditures adding another $4,121 per student. These figures reflect a robust investment in education, ensuring that students receive comprehensive support. When adjusted for the cost of living, the funding level is comparable to a national equivalent of $20,195 per student. For more details on this topic, visit the Kansas Policy Institute website.
State tax rates
In Kansas, beginning in tax year 2024, the individual income tax rate will be a flat 5.15% for taxable income exceeding $6,150 for single filers and $12,300 for married couples filing jointly, with income below these thresholds not subject to taxation. Additionally, corporate tax rates are set to decrease, introducing a 3.0% rate for corporations, and implementing lower rates for financial institutions. For more detailed information on these changes, visit the official Kansas Legislature website.
Dining out prices
Dining out prices in Kansas, particularly in Kansas City, have increased due to inflation and higher food costs, but there are still affordable options available. Many local diners and counter-service spots offer full meals for less than $15, allowing residents and visitors to enjoy dining without breaking the bank. Despite the overall rise in food costs, Kansas generally has a lower cost of living, including food prices that are 3% lower than the national average. For more insights into dining in the area, check out the recommendations from Up To Date on Kansas City’s best restaurants for cheap and incredible food.
Entertainment expenses
In Kansas, entertainment expenses for businesses are largely non-deductible under the 2018 Tax Cuts and Jobs Act, except for specific categories such as meals provided for the convenience of the employer or meals separately stated on receipts, which may be 50% deductible until December 31, 2025. For a more in-depth understanding of these rules, you can explore how specific deductions apply by visiting the Business Meal and Entertainment Deduction Rules provided by GG Advisors. This resource provides valuable insights into managing your business expenses under current regulations.
Average income levels
In Kansas, the average annual household income is $87,033, and the median household income is $64,521. Income levels vary by age, with residents aged 25 to 44 earning a median of $71,976 and those aged 45 to 64 earning a median of $78,885. For more detailed demographic insights and data, visit the Kansas Demographics page on Point2 Homes, where you can explore a range of statistics that paint a clearer picture of the economic landscape across different age groups.