Manhattan, KS
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.32×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Kansas
- 3.02×
- vs U.S.
- 3.43×-0.11
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
20.0%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Kansas
- 19.6%
- vs U.S.
- 23.3%-3.3
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.92%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Kansas
- 4.24%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.67%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Kansas
- -0.16%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
3.32
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Kansas
- 3.22+0.10
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.2%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Kansas
- 3.4%-0.2
- vs U.S.
- 3.9%-0.7
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+35.6%
homeValues.yearOverYear
+2.8%
Median home value
$212,600
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $875 | $10,500 | 16.4% |
| 2 BR | $1,068 | $12,816 | 20.0% |
| 3 BR | $1,485 | $17,820 | 27.8% |
Labor market direction
Unemployment
3.2%
Median household income
$64,096
What's being built
Total TTM
444
+50.9% YoY
Single-family
296
2–4 unit
17
5+ unit
131
All 3 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Riley County | 72,105 | $231,200 | $59,560 | 202 | +59.1% |
| Geary County | 36,247 | $165,000 | $57,344 | 121 | +55.1% |
| Pottawatomie County | 25,482 | $223,000 | $87,694 | 121 | +33.0% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Manhattan | 133,834 | $64,096 | 3.32× | 3.92% | +35.6% | 3.32 | 3.2% |
| Morgantown, WV | 140,194 | $62,394 | — | — | +38.9% | — | 3.8% |
| Springfield, OH | 135,877 | $60,846 | — | — | +63.7% | — | 4.3% |
| Cleveland, TN | 126,479 | $63,490 | — | — | +67.3% | — | 3.5% |
| Battle Creek, MI | 134,011 | $60,385 | — | — | +58.4% | — | 5.1% |
| Dalton, GA | 143,096 | $65,715 | — | — | +64.7% | — | 3.5% |
Where people are moving in from
Net migration
-893
-0.67% of population
| Origin county | Tax returns |
|---|---|
| Riley County, KS | 568 |
| Geary County, KS | 333 |
| Pottawatomie County, KS | 244 |
| Johnson County, KS | 145 |
| Shawnee County, KS | 114 |
| Dickinson County, KS | 111 |
Who lives in Manhattan
- Median age
- 27
- Bachelor's+
- 39.0%
- Owner-occupancy
- 51.1%
- Vacancy rate
- 11.8%
- Rent burdened (30%+)
- 45.5%
- Median household income
- $64,096
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.