Topeka, 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.
affordable
Price to income
2.53×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Kansas
- 3.02×-0.50
- vs U.S.
- 3.43×-0.90
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
18.6%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Kansas
- 19.6%-1.0
- vs U.S.
- 23.3%-4.7
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.79%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Kansas
- 4.24%+0.55
- vs U.S.
- 4.35%+0.44
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.06%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Kansas
- -0.16%+0.10
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
2.70
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
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.6%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Kansas
- 3.4%
- vs U.S.
- 3.9%-0.3
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+51.1%
homeValues.yearOverYear
+1.4%
Median home value
$172,200
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $820 | $9,840 | 14.4% |
| 2 BR | $1,057 | $12,684 | 18.6% |
| 3 BR | $1,392 | $16,704 | 24.5% |
Labor market direction
Unemployment
3.6%
Median household income
$68,160
What's being built
Total TTM
629
+141.0% YoY
Single-family
327
2–4 unit
52
5+ unit
250
All 5 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Shawnee County | 178,625 | $170,400 | $66,043 | 463 | +180.6% |
| Jefferson County | 18,387 | $200,800 | $77,393 | 79 | +64.6% |
| Osage County | 15,787 | $142,800 | $70,216 | 48 | 0.0% |
| Jackson County | 13,274 | $193,600 | $72,703 | 26 | +23.8% |
| Wabaunsee County | 6,922 | $178,200 | $70,536 | 13 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Topeka | 232,995 | $68,160 | 2.53× | 4.79% | +51.1% | 2.70 | 3.6% |
| Prescott Valley-Prescott, AZ | 237,830 | $66,106 | — | — | +56.2% | — | 3.8% |
| Tyler, TX | 234,667 | $71,923 | — | — | +47.7% | — | 4.3% |
| Medford, OR | 222,604 | $71,443 | — | — | +32.7% | — | 5.5% |
| Champaign-Urbana, IL | 223,223 | $64,558 | — | — | +51.1% | — | 4.7% |
| Lake Charles, LA | 216,217 | $67,010 | — | — | +14.4% | — | 4.2% |
Where people are moving in from
Net migration
-138
-0.06% of population
| Origin county | Tax returns |
|---|---|
| Douglas County, KS | 502 |
| Shawnee County, KS | 437 |
| Johnson County, KS | 202 |
| Osage County, KS | 156 |
| Jefferson County, KS | 146 |
| Jackson County, KS | 117 |
Who lives in Topeka
- Median age
- 40
- Bachelor's+
- 30.1%
- Owner-occupancy
- 70.2%
- Vacancy rate
- 8.5%
- Rent burdened (30%+)
- 40.9%
- Median household income
- $68,160
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.