5 affordable places to live in Kentucky
The cost of living can vary dramatically, so check out some of the most affordable places to live in Kentucky to make an informed choice about where to purchase your new home.
1. Louisville
Louisville has the 23rd-lowest cost of living of any city in America, according to Niche. Homes here have a median value of $152,300, just a bit under the national average of $184,700. Around 60% of Louisville residents are owners rather than renters, and according to Tax-Rates.org, they pay a property tax rate of just 0.9% of assessed fair market value. Louisville is best known as the home of Churchill Downs, a legendary race track where the Kentucky Derby is run. The city also offers other attractions, including the Louisville Slugger Museum and Factory, and the Louisville Zoo.
2. Lexington
Lexington comes in at 55 on the list of most affordable American cities. It's also a great place to become a homeowner, ranking 16 on the list of best cities in which to buy a house. A median home value of $180,700 makes purchasing a house affordable for the 54% of residents who own their own place. Additionally, the property tax rate of 0.89% of fair market value in Fayette County is relatively affordable -- a bit below what those in Louisville pay.
3. Ashland
Kentucky doesn't have many inexpensive larger cities, but this town of more than 20,000 residents is an affordable alternative to urban life. Sixty percent of Ashland residents own their own homes, and houses here have a median value of $99,300. Low housing prices combined with a property tax rate of just 0.78% of a home's assessed fair market value help to explain why Ashland has been identified as the 7th-cheapest suburb in Kentucky.
4. Shively
A suburb of Louisville, Shively has a population of more than 15,700. It comes in at number 13 on the list of suburbs in Kentucky with the lowest cost of living, but ranks even higher in terms of diversity. Close to 6 in 10 residents own their homes here. That could be because the median value of houses in Shivley is well below the national average at $102,300. Like Louisville, Shively is in Jefferson County, so residents will pay an average property tax rate of 0.9% of assessed fair market value.
5. Lawrenceburg
Home to just over 11,200 people, Lawrenceburg has the 15th-lowest cost of living of Kentucky's 89 suburbs. A whopping 68% of residents in this area own their homes, and houses have a median value of $125,300. In Anderson County, property taxes average just 0.87% of a home's fair market value, a bit below the other suburban areas on this list. Anderson County Community Park is also a favorite destination for Lawrenceburg residents, and there are several distilleries in the area, including Four Roses Distillery and the Wild Turkey Distillery.
Both convenience and cost of living should factor into your decision when choosing where to buy a home. By shopping carefully for the right mortgage loan and the right location, you can make sure becoming a homeowner is affordable on your budget. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
