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The Most Affordable Places to Buy a Home in Kentucky
May 14, 2020

The Most Affordable Places to Buy a Home in Kentucky

by The CE Shop Team

In Which Kentucky Cities Will Your Dollar Go The Farthest

A new report from SmartAsset.com has ranked the most affordable places to live in Kentucky. SmartAsset created these rankings based on information like closing costs, real estate taxes, homeowners insurance costs, and mortgage rates.

If you care about home value and want to see where your dollar will go the furthest in Kentucky, see the top 10 most affordable places to buy a home in Kentucky:

City Median Home Price Annual Property Tax Avg. Closing Cost Annual Homeowner’s Insurance Avg. Annual Mortgage Payment Median Income Affordability Index
1) Princeton, Kentucky $79,000 $515 $2,148 $595 $4,048 $44,430 63.68
2) Central City, Kentucky $75,900 $582 $2,118 $571 $3,890 $40,590 59.18
3) Hebron, Kentucky $239,800 $1,633 $2,281 $1,633 $8,020 $80,291 56.50
4) Flatwoods, Kentucky $93,100 $998 $2,287 $701 $4,771 $48,563 55.62
5) Hillview, Kentucky $149,583 $1,246 $2,110 $893 $6,083 $59,400 54.43
6) Elsmere, Kentucky $141,192 $1,442 $1,952 $810 $5,514 $53,697 51.96
7) Burlington, Kentucky $216,403 $1,699 $2,327 $1,255 $8,548 $78,374 51.66
8) Independence, Kentucky $201,275 $1,943 $2,322 $1,247 $8,491 $79,224 51.44
9) Alexandria, Kentucky $203,538 $2,058 $2,353 $1,298 $8,835 $80,313 49.90
10) Oakbrook, Kentucky $219,635 $1,632 $2,174 $1,285 $8,748 $76,123 49.46

The most affordable places were those that had the smallest total housing costs compared to the median income in each area. Each city was then indexed on a scale from 0 to 100, with the most affordable location receiving a score of 100.

The data above reflects what these areas have to offer to residents both in and out of the state. There are ample amounts of job opportunities throughout the state, bringing growth to towns like Hebron and Hillview, which have seen rises in population leading to improvements in their community.

Local Economy in Kentucky

What makes these areas so enticing is not only the affordability but the influx of jobs from well-known companies. Steady jobs thanks to companies like Jif Peanut Butter and Post-It Notes provide Kentuckians with great career opportunities, leading to many planting permanent roots in the surrounding area.

For residents looking to take advantage of these affordable areas, five of the top 10 most affordable places to buy a home in Kentucky are within an hour drive of both the Jif Peanut Butter and Post-It Notes headquarters.

According to Zillow, the median home value in the state is currently $149,987 and is projected to fall -1.5% within the next year. For real estate agents, this is good information to have when working with prospective buyers or finding new leads. Using the table and analysis above, you can show your clients which markets fall below the national average and how they can utilize this information when making their next big move.

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