High-income households – those earning $500,000 or more annually – represent roughly the top 1% of earners in Kansas. While relatively few in number, these affluent buyers have a notable impact on the state’s housing market, particularly at the luxury end. This report examines how Kansas’s wealthiest residents purchased homes from 2018 through 2023, focusing on owner-occupied residential real estate.
High-Income Homebuyers in Kansas: 2018–2023 Overview
High-earning households are a small but growing segment in Kansas. As of the early 2020s, approximately 1–2% of Kansas households earned over $500,000 per year, placing them at the apex of the income spectrum. For context, the median household income in Kansas is around $72,600 – meaning a $500k income is nearly seven times the state median. These top earners include successful business owners, corporate executives, medical and legal professionals, and others in elite income brackets.
Homeownership Patterns
Homeownership is the norm among this group. Most high-income households in Kansas own their homes, and many are repeat buyers who have built substantial equity. Nationally, the median age of repeat home buyers recently hit 61 years, reflecting that many affluent buyers are older individuals well-established in their careers or entering retirement.
In Kansas, these buyers often already own property and are making “housing trades” – selling one home and buying another – to better suit their lifestyle or investment goals. With strong finances, they can move up to dream homes or relocate without the hurdles facing first-time buyers.
Market Conditions
The 2018–2023 period was largely a seller’s market, even at the high end. Kansas’s economy and housing market were generally robust, aside from a brief pandemic slowdown in 2020. Home prices statewide climbed steadily, especially during the 2020–2022 pandemic-era boom. By 2022, Kansas home values were 12.3% higher than a year prior, and expected to rise another 5.4% into 2023.
Even as interest rates rose in 2022–2023, inventory remained tight, sustaining competition for homes across price tiers. Affluent buyers, often less rate-sensitive, continued to transact in large numbers.
Growth in High-End Housing
Crucially, the number of high-end homes in Kansas expanded. In 2018, about 7.7% of owner-occupied homes in Kansas were valued between $500,000 and $749,999, and only 1.2% were worth $1 million or more. Just a few years later, those shares had jumped to 8.8% and 1.8%, respectively, by 2022. This growth reflects both rising property values and new construction targeting upscale buyers.
Income Dynamics and Migration
Kansas’s top 1% income threshold was about $555,000 in 2023. Earning this much is rare in a state known for its moderate cost of living. Some high earners in Kansas have actually increased during this period due to strong business profits, but the state also saw net outmigration of income in the late 2010s and early 2020s.
Kansas lost over $600 million in adjusted gross income to other states in 2022, continuing a decades-long trend of outmigration. Many of those leaving were higher-income residents seeking lower-tax states like Florida or Texas. Despite this, the local demand from those high earners who stayed (or moved in) was sufficient to fuel a strong luxury housing market within Kansas.
What $500K+ Earners Are Buying: Luxury Homes and Estates
Single-Family Home Preference
Kansas’s richest homebuyers overwhelmingly purchase single-family houses, typically large and loaded with amenities. Whether it’s a newly built suburban mansion or a historic estate, detached single-family homes are the property type of choice for high earners. This preference reflects a desire for privacy, space, and custom features – and Kansas offers plenty of land to accommodate it.
Premium Features and Amenities
Luxury home features commonly sought by this group include expansive floorplans (4,000–10,000+ square feet), high-end finishes, and specialty rooms. Home theaters, wine cellars, gourmet kitchens, and resort-like outdoor living areas (pools, kitchens, sport courts) have become standard in the top tier of Kansas homes.
Kansas’s lower land costs mean luxury buyers can afford extravagant properties that would be out of reach in coastal markets. It’s not uncommon for a $1–2 million home in Kansas to boast features and acreage that might equate to a $5–7 million estate in a higher-cost state.
Suburban Luxury
Upscale suburban homes are particularly popular. In the Kansas City metro’s affluent suburbs (like those in Johnson County), high-income buyers gravitate toward newly built luxury houses in exclusive subdivisions. These often sit on large lots (1–5 acres) or in gated communities, providing an estate-like feel with city amenities nearby.
In Johnson County – the state’s wealthiest county – the average sale price of a newly built home in 2024 was nearly $800,000, indicating that new construction is largely skewed toward the high end. Custom-built homes priced at $1–2 million are increasingly common in these suburbs, tailored to buyers’ specifications.
Rural Estates
Beyond the suburbs, some wealthy buyers purchase large rural properties – farms, ranches, or recreational land – especially if they value privacy or have agricultural interests. It’s not unusual for a prosperous farming family or an out-of-town millionaire to acquire a spread of Kansas farmland that includes a high-end home.
These properties might consist of hundreds of acres of prairie or working farmland with a custom-built residence on-site. Such buyers enjoy expansive ranch-style homes or lodge-like estates, often with amenities for hunting, fishing, or equestrian activities.
Limited Urban Options
What about condos or urban lofts? In Kansas, high-rise luxury condos are relatively scarce compared to big cities on the coasts. The state’s wealthy generally prefer a house with land over a penthouse.
There are a few exceptions: some affluent professionals (particularly those who split time between Kansas and elsewhere) have bought upscale condos in downtown Kansas City, but on the Kansas side of the state line such options are limited. Overall, less than 4% of Kansas housing units are in multifamily buildings with 20+ units, and only a sliver of those would qualify as “luxury.”
Housing Choices: Upsizing, Downsizing, or Relocating?
The Upsizing Trend
One might assume that wealthy homeowners in Kansas, especially older ones, would eventually downsize from a large family home to something smaller. However, many high-income Kansans have been upsizing or staying put rather than downsizing in recent years.
Several factors explain this behavior:
Low Interest Rates & High Equity (Through 2021)
Until 2022, mortgage rates were at historic lows. Affluent homeowners could easily finance a bigger or more expensive home at 3–4% interest. Combined with stock market gains and rising home equity, this gave them the financial freedom to trade up to more luxurious properties in 2018–2021.
Pandemic Space Demands
The pandemic in 2020–2021 made people value space and comfort at home. Remote-working high earners often sought larger homes with dedicated offices, home gyms, and expansive yards. Rather than downsizing, wealthy families in Kansas were more likely to upsize during the pandemic, seeking properties that could accommodate work, schooling, and recreation under one roof.
Affluent buyers looked for multi-generational layouts – a trend that included high-income families bringing elderly parents or adult children into a larger shared home.
Tax Considerations
Some older wealthy homeowners held off on selling because of tax reasons. Under U.S. tax law, a married couple can exclude up to $500,000 of gain from the sale of a primary home from capital gains taxes. But with Kansas home values climbing, a long-term owner of a luxury home might easily exceed that profit limit, meaning a big tax bill if they sold.
This discouraged downsizing for those sitting on highly appreciated estates – it was often financially preferable to stay put or even “swap” into an equally expensive home.
Limited Downsizing
Downsizing does occur in this group, but typically later and more slowly. When Kansas’s wealthy do downsize, it’s often for lifestyle simplification or health reasons – for example, moving from a rural mansion to an upscale maintenance-free villa or a condo to avoid upkeep.
In the late 2010s, there were anecdotes of empty-nester millionaires in Johnson County selling the six-bedroom suburban house and opting for a luxury townhome. But such cases have been overshadowed by the many who either held onto their large homes or bought even larger ones.
Relocation Patterns
Relocation patterns for high-income buyers in Kansas show a mix of local moves and some interstate moves:
Within Kansas Moves
A good number of $500k+ earners who bought homes in 2018–2023 were moving within the state – often within the same metro area. These moves are typically driven by the desire for a better house, more land, or a different school district, rather than leaving Kansas altogether.
Into Kansas from Elsewhere
Kansas doesn’t receive a huge influx of out-of-state high earners, especially compared to Sun Belt states. However, it’s not zero. Corporate relocations occasionally bring in affluent buyers – e.g., a senior manager moving to Kansas City for a job at a Fortune 500 company.
Also, a trickle of ex-pats from high-cost regions have discovered Kansas’s value proposition: you can sell a modest home in California and buy a mini-estate in Kansas with money to spare.
Leaving Kansas
As noted, Kansas has experienced net out-migration of wealth. Some native high earners choose to retire in Florida or Arizona, or move to larger metro areas for opportunities. Johnson County (KS) in particular has seen a loss of high-income residents in recent years.
Those departing often sell prime real estate, which is then bought by other local wealthy buyers or newcomers. So while some affluent Kansans left, their homes didn’t sit empty – they became the next opportunity for another high-income family to purchase.
Regional Differences: Kansas City Suburbs vs. Other Markets
Kansas City Metro (Johnson County)
The Kansas City metropolitan area is the epicenter of high-income homebuying in Kansas. Johnson County, KS is by far the wealthiest county in the state with a median household income over $107,000 and a high concentration of $500k+ earners.
In 2024, the average appraised value of a home in Johnson County reached $508,000, with an average sale price of $557,000 for homes sold that year. These figures are roughly double the statewide average home price.
Recent data highlights how rapidly the high-end market is growing there: from 2024 to 2025, the number of homes in Johnson County valued above $1.1 million jumped by 21% (from about 5,642 to 6,832 homes). In parallel, the supply of moderately priced homes plummeted – the county reported that since 2018, the number of homes under $300k in value dropped by 75%.
Wichita and South-Central Kansas
The Wichita metro is Kansas’s largest city area and has a contingent of high-income buyers as well – think aircraft industry executives, medical specialists, oil/gas and manufacturing entrepreneurs. The luxury market in Wichita, while active, is smaller and more “under the radar” compared to Kansas City’s.
In the early 2000s, million-dollar sales in Wichita were extremely rare – only 39 homes over $1 million sold in the Wichita area from 1998 to 2006. By the late 2010s and early 2020s, those numbers increased as more homes surpassed that threshold.
Upscale neighborhoods east and northwest of Wichita have seen more builds and resales in the $700k to $1.5M range. Still, Wichita’s luxury home scene is modest: a “million-dollar home” is notable news in Wichita, whereas in Johnson County it’s almost routine.
Other Regions
Outside the two big metros, high-income homebuying is more scattered. Topeka (the state capital) has a handful of high-earning professionals, but even the nicest neighborhoods in Topeka top out around the low six figures for home prices.
Manhattan (home to Kansas State University) similarly has a small upper tier – possibly a few university administrators or military brass from Fort Riley buying homes in the $500k+ range.
In rural and western Kansas, genuine high-income households are few. In those areas, even if someone earns $500k from farming, they may not channel it into a lavish home. When rural high earners do buy upscale homes, it’s often land-based – e.g., a ranch with a luxury lodge for hunting.
Historical Comparison: 2018–2023 vs. 2008–2017
The period from 2018 to 2023 was markedly different from 2008 to 2017 for luxury homebuying in Kansas. In the earlier decade, Kansas was recovering from the 2008 housing crash and Great Recession.
Market Size Expansion
In 2008–2012, Kansas’s luxury market was tiny. Home prices had stagnated or fallen after the crash, so relatively few owner-occupied homes were worth over $500k. Around 2010, only about 3–4% of Kansas homes were valued above $500,000. By contrast, by 2018 that share had doubled to ~8%, and it kept growing thereafter.
The number of $500k+ homes expanded dramatically. For instance, owner-occupied homes in the $500k–$750k range went from roughly 16,000 homes around 2010 to 35,000 by 2018, and nearly 40,000 by 2022. And million-dollar homes (a rarity in 2008) ballooned: Kansas had on the order of only ~3,000 homes valued at $1M+ a decade ago, versus over 8,000 such homes in 2022.
Buyer Confidence Rebound
In the late 2000s, wealthy buyers were on the sidelines to some extent. The financial crisis hurt even high net-worth individuals’ portfolios, and luxury real estate sales slowed considerably. By the mid-2010s (2013–2017), confidence returned. By 2018–2019, we saw a renewed surge of high-income buyers stepping into the market, a trend that only intensified during COVID (2020–2021).
So, whereas 2008–2012 was an era of caution and slow luxury turnover, 2018–2021 became an era of froth and competitive buying at the top end.
Appreciation Acceleration
The 2008–2017 period had relatively moderate home price growth in Kansas, especially at the high end. The median Kansas home value (inflation-adjusted) was roughly $180k in 2010 and about $235k by 2018 – a modest rise in real terms.
From 2018 to 2023, however, values accelerated: the median jumped from ~$235k to ~$250k+ by 2022 (and higher by 2023), even after adjusting for inflation. High-end properties saw even larger gains. A house that was $500k in 2010 might easily be $700k+ by 2023 due to appreciation and upgrades.
Construction Recovery
After the 2008 crash, luxury home construction in Kansas slowed; some builders went bankrupt or shifted to less risky projects. By the late 2010s, builders ramped up again to cater to high-end demand. But overall housing supply was tight in 2018–2023, partially because of a slow construction recovery from the prior decade’s slump.
This shortage of homes (especially in desirable areas) helped push wealthy buyers to compete for what was available, driving up prices. Back in 2008–2012, supply exceeded demand for luxury homes. By 2018–2023, the script flipped to low inventory and multiple offers, even for million-dollar listings in Kansas’s hotspots.
Kansas Trends vs. National Patterns
Kansas’s experience with high-income homebuying both reflects and diverges from U.S. national trends.
Similarities to National Trends
Luxury Market Boom
Across the country, the luxury home market surged in the late 2010s and especially during the pandemic housing boom. Nationally, prices of luxury homes rose at twice the pace of non-luxury homes at the end of 2023. Kansas saw the luxury segment outpace the rest of the market as well.
Cash Buyers Prominence
Wealthy buyers nationwide often sidestepped mortgage rate concerns by paying cash. By late 2023, nearly half (46.5%) of luxury home purchases in the U.S. were all-cash, a record high. We see a comparable tendency in Kansas – many $500k+ buyers either paid cash or made very large down payments.
Pandemic-Driven Space Demand
The COVID-19 pandemic triggered a nationwide reshuffling as remote work allowed people to move to bigger homes or more desirable locations. High earners led this “space race,” often upgrading their primary residence or buying second homes. Kansas, too, experienced a mini-wave of people looking for more space.
Aging Buyer Profile
Nationally, the average age of home buyers hit record highs (56 for all buyers in 2023). Older, repeat buyers dominate the high end of the market. Kansas similarly saw many buyers in their 50s and 60s making moves, often not downsizing.
Differences from National Trends
Greater Affordability
Kansas stands out for how affordable its luxury market is relative to coastal markets. A Kansas buyer with $1 million to spend is shopping at the top of the local market (an estate home), whereas $1 million is just the median luxury home price nationally and barely a starter home in places like San Francisco.
Even by 2023, Kansas’s most expensive residential listings were in the single-digit millions. For instance, one of the priciest homes on the Kansas market in 2023 was a $6.7 million estate near Wichita – a price that in Los Angeles might not even crack the top 10 sales.
Different Market Drivers
Kansas’s high-end market is driven more by the cumulative actions of moderately wealthy (six-figure earners) than by a few multi-millionaires. This democratization of the luxury market is somewhat different from elite enclaves nationally.
Limited Influx of Outside Wealth
Kansas saw outbound migration of affluent folks, unlike states that had net gains. It did not significantly benefit from the millionaire migration trend – it’s not a Florida or Texas in terms of attracting rich newcomers.
The boom in high-end sales in Kansas came largely from internal growth and wealth creation, not from an influx of out-of-state buyers. States like Idaho or Florida saw a flood of cash-rich outsiders buying homes; Kansas’s growth in luxury sales was more home-grown.
Conclusion
From 2018 through 2023, high-income households earning $500,000+ per year have played an increasingly prominent role in Kansas’s residential real estate market. These affluent buyers primarily sought out owner-occupied single-family homes – ranging from opulent suburban houses in the Kansas City metro to sprawling country estates.
Far from cashing out and scaling down, many opted to upsize or upgrade their living situations, leveraging strong finances to acquire dream homes with luxury amenities. Those moves were usually within Kansas or within the same region, as the state did not witness a major influx of outside wealthy migrants.
Regionally, the Kansas City suburbs (especially Johnson County) emerged as the hotbed for high-end transactions, buoyed by the area’s high concentration of top earners and desirable communities. The Wichita area also saw a steady uptick in luxury homebuying, though on a smaller scale.
In comparing eras, the post-2018 market starkly contrasts with the post-2008 market. The sluggish, post-recession luxury sector of the early 2010s gave way to a roaring seller’s market by the early 2020s, fueled by economic growth, low interest rates, and pandemic-era shifts.
Looking ahead, the trajectory of Kansas’s high-income homebuying will likely depend on interest rates, the broader economy, and migration patterns. As of 2024, there are signs of the market cooling slightly, but the fundamentals – low inventory and plenty of affluent individuals – suggest the luxury segment will remain robust.
References
- Where KS and MO Rank Among Top 1 Percent by State – Ingram’s Magazine
- U.S. Census Bureau QuickFacts: Kansas – U.S. Census Bureau
- First-Time Home Buyers Shrink to Historic Low of 24% as Buyer Age Hits Record High – ResourceKC
- WSU Center for Real Estate releases 2023 Kansas Housing Markets Forecast Series – Wichita State News
- Wichita’s Million Dollar Homes – Wichita Business Journal
- Baby Boomers Staying In Their Homes Longer Some Even Upsizing – Search Clayton NC Real Estate
- An Unexpected Surprise: More Homeowners Paying Capital Gains Taxes Strong Price Growth – CoreLogic
- Kansas – Profile data – Census Reporter
- U.S. Census Bureau QuickFacts: Johnson County, Kansas – U.S. Census Bureau
- Johnson County, Kansas, average home values increase 6.5% in 2025 – KSHB News
- Housing – Kansas State Data Center – Kansas State Data Center
- Housing production in the Kansas City region continues to lag peer metros – MARC
- A Record 8.5% of U.S. Homes Are Worth $1 Million or More – Redfin
- Redfin Reports Luxury Home Prices Hit All-Time High As Record Share of High-End Buyers Pay Cash – Redfin Corporation
- Most Expensive Home in Kansas Is a Luxury $6.7M Spread on the Prairie – Realtor.com
- High Tax-State Exodus: Kansas Feels the Impact – Kansas Policy Institute
