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When purchasing a home in Kentucky, finding the right mortgage lenders is important. Borrowers should consider qualifying requirements, as well as which lenders offer the best mortgage rates. This guide can help you learn about some of its most affordable places for would-be homeowners.
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.
Louisville has the 42nd-lowest cost of living of any city in America, according to Niche. Homes here have a median value of $158,700, which is quite a bit below the national average of $217,500. 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.
Lexington comes in at No. 72 on the list of most affordable American cities. It's also a great place to become a homeowner, ranking at No. 12 on the list of best cities in which to buy a house. A median home value of $189,800 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.
Kentucky doesn't have many inexpensive larger cities, but this town of more than 20,000 residents is an affordable alternative to urban life. Just over 60% of Ashland residents own their own homes, and houses here have a median value of $102,800. 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 8th-cheapest suburb in Kentucky.
A suburb of Louisville, Shively has a population of more than 15,700. It comes in at No. 23 on the list of suburbs in Kentucky with the lowest cost of living, but it 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 Shively is well below the national average at $107,000. Like Louisville, Shively is in Jefferson County, so residents will pay an average property tax rate of 0.9% of assessed fair market value.
Home to 11,350 people, Lawrenceburg has the 10th-lowest cost of living of all of Kentucky's suburbs. About 64% of residents in this town own their homes, and houses have a median value of $131,100. 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 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.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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