A Renter’s Retirement in Wichita, Kansas: What It Costs Without Owning a Home

Selling a house and renting in Wichita means no more gutters, roof estimates, or property tax bills, and many retirees are weighing the move: sell the house, rent, and live on Social Security plus a modest portfolio. Below is what that costs and how to make it last.

What a Wichita Renter Spends Each Month

Rents here are low by big-city standards. The median one-bedroom runs about $725 a month and a two-bedroom about $950, according to ApartmentAdvisor. Renters insurance in Wichita averages about $223 a year. Kansas South customers of Evergy (NASDAQ:EVRG | EVRG Price Prediction) paid an average electric bill of about $125 a month. The USDA moderate-cost food plan puts a single adult at roughly $328 to $388 a month and a couple at about $800. Medicare Part B costs $202.90 per person per month in 2026.

The other lines are our planning allowances. We use $300 per person for Medigap, Part D, and copays. We set aside $400 to $550 for one car, since gas averages $4.15 a gallon nationally. A $400 to $600 budget covers water, internet, gifts, a replacement car fund, and emergencies.

That works out to about $30,700 a year for one person and $48,600 for two.

How Social Security and the House Money Close the Gap

After the 3.6% COLA, the typical retiree gets $2,170 a month. An aged couple who both collect averages $3,355. A single renter is thus about $4,700 a year short and a couple about $8,300 short. At a 4% withdrawal rate, a single renter needs about $117,000 and a couple about $208,000. At a more conservative 3.5%, those targets rise to about $134,000 and $238,000. Waiting past full retirement age to claim raises the check and reduces both numbers.

The house sale may cover much of that, depending on the mortgage balance and selling costs. Wichita’s average existing home sells for around $225,400. Federal law lets a single seller exclude up to $250,000 of gain on a main home, and qualifying joint filers up to $500,000 (26 U.S.C. § 121(b)). We’ve covered that exclusion in depth, along with where to keep the proceeds. A common setup is a short Treasury ladder covering the first few years of rent, with the rest in broad index funds.

Taxes stay light because Kansas stopped taxing Social Security in tax year 2024. That same law created two brackets, 5.2% and 5.58%, and raised the personal exemption to $9,160 for single filers and $18,320 for married couples filing jointly. Most private pensions and IRA withdrawals are still taxable in Kansas, but withdrawals this small may leave state and federal income tax low. The state sales tax on groceries also dropped to 0% on January 1, 2025. City and county taxes still apply.

What Renters Give Up and What They Gain

Kansas property tax relief leaves renters out. The Department of Revenue says, “Homestead refunds are not available to renters. You must own your home to qualify.” In exchange, you skip repairs and property taxes. Kansas homeowners insurance averages $5,455 a year, compared with roughly $223 for a renters policy. In hail and tornado country, a damaged roof is the landlord’s claim to file.

You also give up equity, and the lease can adjust every year. Summer heat pushes up electric bills, and most trips in Wichita require a car. On the plus side, the region has 28 acute care and specialty hospitals, including Ascension Via Christi’s campuses. Eisenhower National Airport is close by, and Kansas has a cost-of-living index of 90.068, below the national average of 100.

Rent Increases Can Quietly Raise Your Target

Social Security gets a yearly COLA, but your landlord decides how much the rent goes up. Raise a $950 two-bedroom 5% a year, and it reaches about $1,547 in a decade. At 3% a year, it reaches about $1,277. Funding that gap by drawing 4% a year takes roughly $81,000 more in savings. Renter budgets can include that rent growth.

Based on these figures, a single renter on average needs about $117,000 to $134,000 invested in Social Security benefits. A couple should have about $208,000 to $238,000. The more conservative targets assume drawing 3.5% a year, a balanced mix of stocks and bonds, and two to three years of rent held in Treasuries.

The 4% figure itself is being reconsidered, and we made the case for an income-first alternative in a free report here. The one lease term worth negotiating is a written cap on yearly rent increases, ideally locked in with a multi-year lease. That cap limits the rent-growth risk described above.

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