Kentucky's Housing Market 2010
The median sale price of homes in Kentucky ranks among the lowest in the U.S. Just as the state offers a diverse combination of rural and metropolitan life, the availability of housing ranges from starter homes to executive homes. The lower than national average cost of living makes owning a home more affordable in Kentucky. Homeowners across the Commonwealth also enjoy economical utility rates, low property taxes, and quality schools.
In addition, Kentucky offers all the amenities a homeowner hopes to find. Economical utility rates, low property taxes, and quality schools are enjoyed by homeowners across the Commonwealth.
- Kentucky's average residential retail price of electricity per kilowatthour (Kwh), 2008 was the fifth lowest in the nation at 7.94 cents per Kwh. The national average was 11.26 cents per Kwh.(Energy Info. Adm.) Link
- Kentucky per capita state and local property taxes are the 5th lowest in the nation at $576 per capita. The national per capita state and local property tax is $1,204. (CQ Press's State Rankings 2009, from U.S. Bureau of the Census, Governments Division, "State and Local Government Finances." 2005-2006.")
- Median value of owner-occupied housing in 2007 ranked 6th lowest nationally: $114,300. The national median in 2007 was $194,300. (CQ Press's State Rankings 2009, from U.S. Bureau of the Census, "2007 American Community Survey.")
- Kentucky ranked 16th in home ownership rate for 2007: 72.8%. The national average homeownership rate was 67.8%. (CQ Press's State Rankings 2010, from U.S. Census Bureau, "Housing Vacancies and Homeownership, Annual Statistic: 2008.")
- Kentucky ranked 28nd nationally in 2008 for new housing units authorized with 10,122. (CQ Press's State Rankings 2009, from U.S. Bureau of the Census "New Privately Owned Housing Units Authorized.")
- Residents of Kentucky's major metropolitan areas of Louisville, Lexington, and Cincinnati/Northern Kentucky benefit from housing costs significantly below the national average. In 2012 nationally, a median-priced existing single family home cost $176,900 compared to $137,100 in Louisville, $143,200 in Lexington, and $128,300 in the Cincinnati, Ohio/Kentucky/Indiana metropolitan area.
|Median Sale Price of Existing Single-Family Homes for Selected Metropolitan Areas (2012)|
|Source: National Association of Realtors.|