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Unbridled Spirit

Home Mortgage Rates in Kentucky

Big South Fork River.

Kentucky is a state of extreme contrasts. It has some of the highest mountain peaks of the Appalachian range, as well as some of the lowest altitudes where the Mississippi flows; it is the birthplace of both the haute monde of the Kentucky Derby and the gun-toting Hatfields and McCoys; it is rural and urban in almost equal measure. Moreover, it stands precisely in the middle of the fifty states in population count and is close to the top in the number of people who have lived there since birth. In other words, “My Old Kentucky Home” is a true theme song to its four million residents.

Kentucky Real Estate Info

Average Kentucky Real Estat Prices Compared to National Median

The price of that home is considerably lower than the national average. In urban areas like Louisville, the median cost of an existing single-family home is $133,000, as opposed to the national average of $172,900.

In rural areas, which comprise more than half the state, the average sale price is $69,000. Overall, single-family home prices also swing to both extremes: from the low five figures to upward of five million. Within the state, the city of Florence is listed as having the highest median price of $212,720, compared to the lowest average in Lexington, which lists at $188,017.

Metropolitan Areas

KY Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 28 Cincinnati, OH-KY-IN Metro Area 2,165,139 2,114,580 50,559 2.39%
2 44 Louisville/Jefferson County, KY-IN Metro Area 1,283,430 1,235,708 47,722 3.86%
3 106 Lexington-Fayette 506,751 472,099 34,652 7.34%
4 148 Huntington-Ashland, WV-KY-OH Metro Area 359,588 364,908 -5,320 -1.46%
5 158 Evansville, IN-KY Metro Area 315,948 311,552 4,396 1.41%
6 168 Clarksville, TN-KY Metro Area 282,349 260,625 21,724 8.34%
7 244 Bowling Green 171,122 158,599 12,523 7.90%
8 281 Elizabethtown-Fort Knox 149,538 148,338 1,200 0.81%
9 320 London 128,033 126,369 1,664 1.32%
10 340 Owensboro 117,959 114,752 3,207 2.79%
11 364 Richmond-Berea 106,397 99,972 6,425 6.43%
12 393 Paducah, KY-IL Micro Area 97,143 98,762 -1,619 -1.64%
13 469 Frankfort 72,718 70,706 2,012 2.85%
14 507 Somerset 63,956 63,063 893 1.42%
15 558 Danville 54,390 53,174 1,216 2.29%
16 560 Glasgow 54,011 52,272 1,739 3.33%
17 622 Mount Sterling 46,506 44,396 2,110 4.75%
18 627 Madisonville 45,904 46,920 -1,016 -2.17%
19 636 Bardstown 45,559 43,437 2,122 4.89%
20 716 Murray 38,437 37,191 1,246 3.35%
21 736 Mayfield 37,182 37,121 61 0.16%
22 743 Union City, TN-KY Micro Area 36,757 38,620 -1,863 -4.82%
23 807 Central City 31,028 31,499 -471 -1.50%
24 843 Middlesborough 27,117 28,691 -1,574 -5.49%
25 863 Campbellsville 25,397 24,512 885 3.61%
26 922 Maysville 17,190 17,490 -300 -1.72%

Most Popular Cities

Louisville, Richmond and Lexington are the most popular of the large cities. Of the three, Louisville is probably the best-known, being the site of Churchill Downs, where the Kentucky Derby is run every May. Named by the U.S. Council of Mayors as “America's Most Livable Large City”, Louisville calls itself “Possibility City” and boasts of its small-town warmth and hospitality in the midst of full scale urban amenities and a cost of living that is considerably lower than the national average. As noted, home prices are moderate compared to those in cities of comparable size in other states.

Downtown Louisville Skyline.

Rapidly-growing Richmond is Madison County's county seat and the home of Eastern Kentucky University. As the work and shopping hub for south central Kentucky, it's the sixth largest city in the state with a population expected to top 35,000 this year. Here again one will find a large gap between high and low prices for homes: anywhere from $15,000 for a three-bedroom single family residence to five million for a multi-room mansion, bringing the median price to about $140,000. Among the many historic attractions of the region is the restored commercial district of downtown Richmond, which has been returned to its original 19th century grandeur and attracts tourists and locals for year-round visits. Richmond lies twelve miles to the south of the original settlement established by Daniel Boone in 1775.

Lexington, which is officially known as “Lexington-Fayette Urban County” after the merge of city and county in 1974, is Kentucky's second-largest city, with a population of more than 450,000. Nicknamed both “Horse Capital of the World” and “Thoroughbred City”, it sits in the center of Kentucky's famous bluegrass region. It was also once called “The Athens of the West”, having attracted architects and artists from both North and South who added a distinct flavor to the region.

Downtown Lexington.

Lexington has been fortunate in that, compared to other major American cities, the housing market has remained relatively stable. At a median price of $164,000, single family homes have held steady at about a 3% increase in both sales and value. Although unemployment rates have risen throughout the country, Fayette County is better off than most, being the main headquarters of Lexmark, as well as Toyota's largest American facility and the University of Kentucky, all of which offer employment opportunities to both blue and white collar workers. The rate of foreclosure is considerably lower than the national average since, according to the director of the Center of Business and Economic Research at the university, “Housing remains fairly affordable, so it is possible for the typical person to purchase a home without exotic financing... and local banks tend to be more conservative.

Fastest growing city

Berea, the home of Berea College, is the fastest-growing city in Kentucky. Located in Madison County, the population has increased by more than 43% since 2000. The city boasts the highest number of arts and crafts in the state, hosting several craft festivals during the year that attract thousands of visitors., many of whom become residents. Single family homes in Berea currently sell for a median price of $132,000.

Kentucky Census Data

As of July 1, 2016 the state of Kentucky has an estimated population of 4,436,974 across 39,486.34 mi² yielding a population density of 112.37 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities & Census Designated Places (CDP) with over 1,000 residents based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Louisville Jefferson 616,261 597,337 18,924 3.17% 325.25 1,894.73
2 Lexington Fayette 318,449 295,803 22,646 7.66% 283.65 1,122.68
3 Bowling Green Warren 65,234 58,067 7,167 12.34% 37.78 1,726.68
4 Owensboro Daviess 59,273 57,265 2,008 3.51% 19.09 3,104.92
5 Covington Kenton 40,797 40,640 157 0.39% 13.2 3,090.68
6 Richmond Madison 34,652 31,364 3,288 10.48% 22.81 1,519.16
7 Georgetown Scott 33,440 29,098 4,342 14.92% 15.84 2,111.11
8 Florence Boone 32,460 29,951 2,509 8.38% 10.31 3,148.40
9 Hopkinsville Christian 31,811 31,577 234 0.74% 30.66 1,037.54
10 Nicholasville Jessamine 30,006 28,015 1,991 7.11% 13.01 2,306.38
11 Elizabethtown Hardin 29,906 28,531 1,375 4.82% 25.36 1,179.26
12 Henderson Henderson 28,841 28,757 84 0.29% 15.3 1,885.03
13 Frankfort Franklin 27,885 25,527 2,358 9.24% 14.32 1,947.28
14 Jeffersontown Jefferson 27,352 26,595 757 2.85% 9.92 2,757.26
15 Independence Kenton 27,024 24,757 2,267 9.16% 17.44 1,549.54
16 Paducah McCracken 25,145 25,024 121 0.48% 19.9 1,263.57
17 Radcliff Hardin 22,490 21,688 802 3.70% 12.39 1,815.17
18 Ashland Boyd 21,038 21,684 -646 -2.98% 10.74 1,958.85
19 Madisonville Hopkins 19,399 19,591 -192 -0.98% 17.86 1,086.17
20 Murray Calloway 19,006 17,741 1,265 7.13% 11.24 1,690.93
21 Erlanger Kenton 18,813 18,082 731 4.04% 8.33 2,258.46
22 Winchester Clark 18,461 18,368 93 0.51% 7.84 2,354.72
23 St. Matthews Jefferson 18,071 17,472 599 3.43% 4.31 4,192.81
Burlington CDP Boone 16,892 15,926 966 6.07% 8.84 1,910.86
24 Danville Boyle 16,802 16,218 584 3.60% 15.82 1,062.07
25 Fort Thomas Campbell 16,445 16,325 120 0.74% 5.66 2,905.48
26 Shively Jefferson 15,751 15,264 487 3.19% 4.57 3,446.61
27 Shelbyville Shelby 15,514 14,045 1,469 10.46% 8.06 1,924.81
28 Newport Campbell 15,241 15,273 -32 -0.21% 2.72 5,603.31
29 Berea Madison 15,147 13,561 1,586 11.70% 16.01 946.10
30 Glasgow Barren 14,594 14,028 566 4.03% 15.45 944.60
31 Mount Washington Bullitt 14,360 9,117 5,243 57.51% 6.08 2,361.84
Fort Campbell North CDP Christian 13,936 13,685 251 1.83% 5.04 2,765.08
32 Bardstown Nelson 13,227 11,700 1,527 13.05% 10.49 1,260.92
33 Shepherdsville Bullitt 12,082 11,222 860 7.66% 9.67 1,249.43
34 Somerset Pulaski 11,487 11,196 291 2.60% 11.32 1,014.75
35 Lyndon Jefferson 11,407 11,002 405 3.68% 3.6 3,168.61
36 Campbellsville Taylor 11,387 9,108 2,279 25.02% 5 2,277.40
37 Lawrenceburg Anderson 11,169 10,505 664 6.32% 5.87 1,902.73
38 Mayfield Graves 9,999 10,024 -25 -0.25% 6.89 1,451.23
39 Paris Bourbon 9,840 8,553 1,287 15.05% 5.94 1,656.57
40 Middlesborough Bell 9,626 10,334 -708 -6.85% 7.54 1,276.66
Fort Knox CDP Hardin & Meade 9,449 10,124 -675 -6.67% 20.62 458.24
41 Alexandria Campbell 9,340 8,477 863 10.18% 6.92 1,349.71
Francisville CDP Boone 9,315 7,944 1,371 17.26% 8.48 1,098.47
42 Versailles Woodford 9,270 8,568 702 8.19% 4.39 2,111.62
43 Maysville Mason 8,866 9,011 -145 -1.61% 18.98 467.12
44 Hillview Bullitt 8,851 8,172 679 8.31% 3.28 2,698.48
45 Franklin Simpson 8,823 8,408 415 4.94% 11.06 797.74
Oakbrook CDP Boone 8,749 9,036 -287 -3.18% 3.18 2,751.26
46 Edgewood Kenton 8,748 8,575 173 2.02% 4.2 2,082.86
47 La Grange Oldham 8,722 8,082 640 7.92% 7.06 1,235.41
48 Elsmere Kenton 8,520 8,451 69 0.82% 2.63 3,239.54
49 Harrodsburg Mercer 8,419 8,340 79 0.95% 6.91 1,218.38
50 Fort Mitchell Kenton 8,286 8,207 79 0.96% 3.18 2,605.66
51 London Laurel 8,157 7,993 164 2.05% 10.3 791.94
52 Middletown Jefferson 7,845 7,218 627 8.69% 5.04 1,556.55
53 Morehead Rowan 7,758 6,845 913 13.34% 9.43 822.69
54 Villa Hills Kenton 7,468 7,489 -21 -0.28% 3.65 2,046.03
55 Corbin Whitley & Knox 7,398 7,304 94 1.29% 7.89 937.64
56 Oak Grove Christian 7,370 7,489 -119 -1.59% 10.75 685.58
57 Flatwoods Greenup 7,311 7,423 -112 -1.51% 3.25 2,249.54
58 Mount Sterling Montgomery 7,242 6,895 347 5.03% 4.39 1,649.66
59 Highland Heights Campbell 7,155 6,923 232 3.35% 2.59 2,762.55
60 Pikeville Pike 7,106 6,903 203 2.94% 21.07 337.26
61 Russellville Logan 7,001 6,960 41 0.59% 10.74 651.86
62 Leitchfield Grayson 6,874 6,699 175 2.61% 10.85 633.55
63 Taylor Mill Kenton 6,756 6,604 152 2.30% 6.13 1,102.12
64 Cynthiana Harrison 6,383 6,402 -19 -0.30% 4.01 1,591.77
65 Wilmore Jessamine 6,312 3,686 2,626 71.24% 0.92 6,860.87
66 Cold Spring Campbell 6,227 5,912 315 5.33% 4.74 1,313.71
67 Princeton Caldwell 6,119 6,329 -210 -3.32% 8.99 680.65
Hebron CDP Boone 6,102 5,929 173 2.92% 6.42 950.47
68 Monticello Wayne 6,087 6,188 -101 -1.63% 5.87 1,036.97
69 Vine Grove Hardin 5,921 4,520 1,401 31.00% 4.67 1,267.88
70 Central City Muhlenberg 5,857 5,978 -121 -2.02% 5.18 1,130.69
71 Bellevue Campbell 5,845 5,955 -110 -1.85% 0.92 6,353.26
72 Union Boone 5,807 5,379 428 7.96% 3.33 1,743.84
73 Fort Wright Kenton 5,766 5,723 43 0.75% 3.33 1,731.53
74 Douglass Hills Jefferson 5,696 5,484 212 3.87% 1.32 4,315.15
Buckner CDP Oldham 5,693 5,837 -144 -2.47% 7.47 762.12
75 Lebanon Marion 5,638 5,539 99 1.79% 5.32 1,059.77
76 Dayton Campbell 5,413 5,338 75 1.41% 1.29 4,196.12
77 Williamsburg Whitley 5,313 5,245 68 1.30% 4.81 1,104.57
78 Hazard Perry 5,300 4,456 844 18.94% 5.14 1,031.13
79 Crestwood Oldham 4,910 4,531 379 8.36% 4.02 1,221.39
80 Columbia Adair 4,885 4,452 433 9.73% 4.84 1,009.30
81 Prospect Jefferson & Oldham 4,875 4,698 177 3.77% 3.83 1,272.85
Westwood CDP Boyd 4,783 4,746 37 0.78% 3.73 1,282.31
Hendron CDP McCracken 4,760 4,687 73 1.56% 5.2 915.38
Farley CDP McCracken 4,588 4,701 -113 -2.40% 5.9 777.63
82 Benton Marshall 4,531 4,349 182 4.18% 4.19 1,081.38
83 Ludlow Kenton 4,524 4,407 117 2.65% 0.87 5,200.00
Reidland CDP McCracken 4,419 4,491 -72 -1.60% 4.8 920.63
84 Scottsville Allen 4,416 4,226 190 4.50% 5.69 776.10
85 Hurstbourne Jefferson 4,378 4,216 162 3.84% 1.8 2,432.22
86 Greenville Muhlenberg 4,366 4,312 54 1.25% 4.63 942.98
87 Paintsville Johnson 4,203 3,459 744 21.51% 2.66 1,580.08
88 Grayson Carter 4,043 4,217 -174 -4.13% 2.83 1,428.62
89 Crescent Springs Kenton 4,009 3,801 208 5.47% 1.5 2,672.67
90 Williamstown Grant & Pendleton 3,965 3,925 40 1.02% 16.43 241.33
Massac CDP McCracken 3,938 4,505 -567 -12.59% 4.04 974.75
91 Walton Boone & Kenton 3,927 3,635 292 8.03% 4.27 919.67
92 Crittenden Grant 3,876 3,815 61 1.60% 3.4 1,140.00
93 Carrollton Carroll 3,874 3,938 -64 -1.63% 2.03 1,908.37
94 Lancaster Garrard 3,866 3,442 424 12.32% 1.94 1,992.78
95 Southgate Campbell 3,845 3,803 42 1.10% 1.43 2,688.81
96 Stanford Lincoln 3,662 3,487 175 5.02% 3.08 1,188.96
97 Beaver Dam Ohio 3,648 3,409 239 7.01% 2.61 1,397.70
98 Morganfield Union 3,543 3,285 258 7.85% 3.01 1,177.08
99 Prestonsburg Floyd 3,541 3,255 286 8.79% 12.7 278.82
Rineyville CDP Hardin 3,399 4.6 738.91
100 West Liberty Morgan 3,375 3,435 -60 -1.75% 4.33 779.45
101 Crestview Hills Kenton 3,332 3,148 184 5.84% 1.91 1,744.50
102 Russell Greenup 3,244 3,380 -136 -4.02% 3.01 1,077.74
103 Hodgenville Larue 3,226 3,206 20 0.62% 2.07 1,558.45
104 Barbourville Knox 3,170 3,165 5 0.16% 2.62 1,209.92
105 Springfield Washington 3,123 2,519 604 23.98% 3.66 853.28
106 Providence Webster 3,102 3,193 -91 -2.85% 6.03 514.43
107 Wilder Campbell 3,071 3,035 36 1.19% 3.67 836.78
108 Park Hills  Kenton 2,999 2,970 29 0.98% 0.8 3,748.75
109 Marion Crittenden 2,981 3,039 -58 -1.91% 3.33 895.20
110 Indian Hills Jefferson 2,979 2,868 111 3.87% 1.96 1,519.90
111 Graymoor-Devondale Jefferson 2,960 2,870 90 3.14% 0.74 4,000.00
112 Pioneer Village Bullitt 2,899 2,030 869 42.81% 0.72 4,026.39
113 Brandenburg Meade 2,873 2,643 230 8.70% 3.91 734.78
114 Flemingsburg Fleming 2,864 2,658 206 7.75% 2.03 1,410.84
115 Hartford Ohio 2,771 2,672 99 3.71% 2.65 1,045.66
116 Lakeside Park Kenton 2,770 2,668 102 3.82% 0.76 3,644.74
117 Simpsonville Shelby 2,751 2,484 267 10.75% 2.19 1,256.16
118 Dawson Springs Hopkins & Caldwell 2,719 2,764 -45 -1.63% 3.69 736.86
119 Stanton Powell 2,670 2,733 -63 -2.31% 2.06 1,296.12
120 Cadiz Trigg 2,626 2,558 68 2.66% 2.87 914.98
121 Eddyville Lyon 2,572 2,554 18 0.70% 6.9 372.75
122 Eminence Henry 2,566 2,498 68 2.72% 2.82 909.93
123 Russell Springs Russell 2,554 2,441 113 4.63% 4.46 572.65
124 Calvert City Marshall 2,550 2,566 -16 -0.62% 16.12 158.19
Brooks CDP Bullitt 2,505 2,401 104 4.33% 4.49 557.91
125 Mount Vernon Rockcastle 2,486 2,477 9 0.36% 1.67 1,488.62
Breckinridge Center CDP Union 2,479 2,080 399 19.18% 2.63 942.59
126 Louisa Lawrence 2,473 2,467 6 0.24% 1.6 1,545.63
127 Windy Hills Jefferson 2,470 2,385 85 3.56% 0.92 2,684.78
128 Morgantown Butler 2,453 2,394 59 2.46% 2.43 1,009.47
Claryville CDP Campbell 2,446 2,355 91 3.86% 6.94 352.45
129 Anchorage Jefferson 2,425 2,348 77 3.28% 2.96 819.26
130 Cave City Barren 2,422 2,240 182 8.13% 4.38 552.97
131 Irvine Estill 2,398 2,715 -317 -11.68% 1.41 1,700.71
132 Raceland Greenup 2,384 2,424 -40 -1.65% 2.49 957.43
133 Horse Cave Hart 2,364 2,311 53 2.29% 2.65 892.08
134 Hardinsburg Breckinridge 2,326 2,343 -17 -0.73% 3.46 672.25
135 Junction City Boyle & Lincoln 2,299 2,241 58 2.59% 1.84 1,249.46
136 Tompkinsville Monroe 2,273 2,402 -129 -5.37% 3.41 666.57
137 Dry Ridge Grant 2,219 2,191 28 1.28% 4.54 488.77
138 Fulton Fulton 2,211 2,445 -234 -9.57% 2.86 773.08
139 Hickman Fulton 2,183 2,395 -212 -8.85% 3.56 613.20
140 Liberty Casey 2,155 2,168 -13 -0.60% 1.88 1,146.28
141 Falmouth Pendleton 2,139 2,169 -30 -1.38% 1.05 2,037.14
142 Elkton Todd 2,136 2,062 74 3.59% 2.17 984.33
143 Greensburg Green 2,128 2,163 -35 -1.62% 2.09 1,018.18
144 Jackson Breathitt 2,117 2,231 -114 -5.11% 2.51 843.43
145 Jenkins Letcher 2,070 2,203 -133 -6.04% 7.66 270.23
146 Cumberland Harlan 2,059 2,237 -178 -7.96% 3.11 662.06
147 Albany Clinton 2,013 2,033 -20 -0.98% 2.25 894.67
148 Carlisle Nicholas 1,994 2,010 -16 -0.80% 1.33 1,499.25
149 Whitesburg Letcher 1,974 2,139 -165 -7.71% 3.1 636.77
150 Lebanon Junction Bullitt 1,927 1,813 114 6.29% 5.64 341.67
151 Sturgis Union 1,890 1,898 -8 -0.42% 1.57 1,203.82
152 Hurstbourne Acres Jefferson 1,881 1,811 70 3.87% 0.35 5,374.29
Pine Knot CDP McCreary 1,810 1,621 189 11.66% 6.4 282.81
153 Jamestown Russell 1,806 1,794 12 0.67% 3 602.00
154 Catlettsburg Boyd 1,803 1,856 -53 -2.86% 1.25 1,442.40
155 Salyersville Magoffin 1,800 1,883 -83 -4.41% 2.47 728.74
156 Pineville Bell 1,756 1,732 24 1.39% 1.65 1,064.24
North Corbin CDP Laurel & Knox 1,735 1,773 -38 -2.14% 1.78 974.72
157 Orchard Grass Hills Oldham 1,734 1,595 139 8.71% 0.39 4,446.15
158 Lewisport Hancock 1,720 1,670 50 2.99% 0.95 1,810.53
159 Jeffersonville Montgomery 1,715 1,506 209 13.88% 2.52 680.56
160 Midway Woodford 1,706 1,641 65 3.96% 1.06 1,609.43
Ledbetter CDP Livingston 1,704 1,683 21 1.25% 5.12 332.81
161 Warsaw Gallatin 1,688 1,615 73 4.52% 0.65 2,596.92
162 Munfordville Hart 1,653 1,615 38 2.35% 2.24 737.95
163 Harlan Harlan 1,606 1,745 -139 -7.97% 1.3 1,235.38
Elk Creek CDP Spencer 1,603 1,539 64 4.16% 5.79 276.86
Doe Valley CDP Meade 1,601 1,931 -330 -17.09% 4.06 394.33
164 Owingsville Bath 1,592 1,530 62 4.05% 2.39 666.11
165 Olive Hill Carter 1,591 1,599 -8 -0.50% 1.79 888.83
166 Edmonton Metcalfe 1,585 1,595 -10 -0.63% 3.37 470.33
167 Sebree Webster 1,573 1,603 -30 -1.87% 2.94 535.03
168 Worthington Greenup 1,571 1,609 -38 -2.36% 1.13 1,390.27
169 Coal Run Village Pike 1,561 1,706 -145 -8.50% 8.64 180.67
170 Pewee Valley Oldham 1,547 1,456 91 6.25% 1.95 793.33
171 Owenton Owen 1,539 1,327 212 15.98% 1.09 1,411.93
172 Burkesville Cumberland 1,509 1,521 -12 -0.79% 2.57 587.16
173 St. Regis Park Jefferson 1,509 1,454 55 3.78% 0.35 4,311.43
174 Audubon Park Jefferson 1,505 1,473 32 2.17% 0.32 4,703.13
175 Worthington Hills Jefferson 1,481 1,446 35 2.42% 0.25 5,924.00
176 Vanceburg Lewis 1,427 1,518 -91 -5.99% 1.27 1,123.62
177 Guthrie Todd 1,407 1,419 -12 -0.85% 1.69 832.54
178 Manchester Clay 1,391 1,255 136 10.84% 1.5 927.33
179 Earlington Hopkins 1,385 1,413 -28 -1.98% 2.38 581.93
180 Beechwood Village Jefferson 1,367 1,324 43 3.25% 0.28 4,882.14
181 Auburn Logan 1,348 1,340 8 0.60% 1.62 832.10
182 Livermore McLean 1,347 1,365 -18 -1.32% 1.03 1,307.77
Stearns CDP McCreary 1,335 1,416 -81 -5.72% 4.02 332.09
183 Clinton Hickman 1,321 1,388 -67 -4.83% 1.61 820.50
184 West Buechel Jefferson 1,273 1,230 43 3.50% 0.59 2,157.63
185 Barbourmeade Jefferson 1,256 1,218 38 3.12% 0.39 3,220.51
186 Taylorsville Spencer 1,252 763 489 64.09% 0.29 4,317.24
187 Beattyville Lee 1,214 1,307 -93 -7.12% 2.1 578.10
188 Brodhead Rockcastle 1,198 1,211 -13 -1.07% 1.75 684.57
Plano CDP Warren 1,194 1,117 77 6.89% 1.03 1,159.22
189 Nortonville Hopkins 1,181 1,204 -23 -1.91% 1.11 1,063.96
190 Irvington Breckinridge 1,178 1,181 -3 -0.25% 0.88 1,338.64
191 Augusta Bracken 1,175 1,190 -15 -1.26% 1.35 870.37
192 Coldstream Jefferson 1,157 1,100 57 5.18% 0.22 5,259.09
193 Cloverport Breckinridge 1,155 1,152 3 0.26% 1.48 780.41
194 Greenup Greenup 1,153 1,188 -35 -2.95% 0.78 1,478.21
195 Hebron Estates Bullitt 1,153 1,087 66 6.07% 0.62 1,859.68
196 Clay Webster 1,150 1,181 -31 -2.62% 0.86 1,337.21
Verona CDP Boone 1,141 1,455 -314 -21.58% 12.24 93.22
197 Camargo Montgomery 1,127 1,081 46 4.26% 2.19 514.61
198 Heritage Creek Jefferson 1,124 1,076 48 4.46% 0.45 2,497.78
199 Silver Grove Campbell 1,117 1,102 15 1.36% 1.13 988.50
200 Clay City Powell 1,098 1,077 21 1.95% 0.89 1,233.71
201 South Shore Greenup 1,086 1,122 -36 -3.21% 0.66 1,645.45
Masonville CDP Daviess 1,075 1,014 61 6.02% 10.36 103.76
Phelps CDP Pike 1,068 893 175 19.60% 7.99 133.67
202 Bloomfield Nelson 1,064 838 226 26.97% 1.29 824.81
203 Northfield Jefferson 1,053 1,020 33 3.24% 0.47 2,240.43
204 Ryland Heights Kenton 1,036 1,022 14 1.37% 5.23 198.09
205 Wurtland Greenup 1,036 995 41 4.12% 1.76 588.64
206 Hawesville Hancock 1,015 945 70 7.41% 1.25 812.00
207 Watterson Park Jefferson 1,005 976 29 2.97% 1.43 702.80
Whitley City CDP McCreary 953 1,170 -217 -18.55% 2.31 412.55

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Types of Mortgages in Kentucky

Moonrise at Horse Farm.

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $424,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650.

Kentucky offers both fixed and adjustable rate mortgage loans, as well as interest-only and LIBOR loans. Adjustable Rate Mortgages (ARMs) are available in 5/5 and 5/1 formats, meaning that payment and interest rates remain the same for the first five years, then are adjusted either every year (5/1 ARM) or every five years (5/5 ARM) thereafter until the mortgage is paid off. Currently, thirty-year fixed mortgages are lower than they have been in years and are probably the best bet for buyers today.

Refinancing

It is possible to refinance or get a second mortgage on your home, assuming your credit score is acceptable. At this time, the average score in Kentucky is 675, compared to the national average of 677. Although many factors will determine the interest rates charged on all mortgages, refinancing and home equity loans, by far the most important is the borrower’s credit score.

All told, Kentucky has been as affected by the recession to the same extent as the rest of the country, but is by no means at the bottom of the heap in terms of recovery. The housing market is beginning to bounce back, with mortgage rates holding steady between a four and five percent.

Natural Disasters

Earthquakes

Most of Kentucky has a very low earthquake risk. The western edge of the state near where Arkansas, Illinois, Indiana, Kentucky, Tennessee, and Missouri converge there is a fault line which leads to moderate to high earthquake risk.

  • Low risk: Bell, Christian, Daviess, Harlan, Hopkins, McLean, Trigg
  • Moderate risk: Ballard, Caldwell, Calloway, Carlisle, Crittenden, Graves, Henderson, Hickman, Livingston, Lyon, Marshall, Massac, McCracken, Union, Webster
  • High risk: Fulton

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Flood Insurance

Most of Kentucky has a very low flooding risk. Here is a listing of counties with a flooding risk profile above very low.

  • Low flooding risk: Boyd, Hardin, Hopkins, Jessamine, Lewis
  • Moderate flooding risk: Christian, Hancock, Jefferson
  • High flooding risk: Daviess, Greenup
  • Very high flooding risk: Bullitt

Homeowner's insurance policies typically do not cover flooding.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Tornadoes

Much of the state is considered to have a moderate tornado risk, with a very high risk in the western quarter of the state & along the Indiana border. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is not uncommon across the state. Damage from hail is typically covered by home insurance policies.

Foreclosure Process

The State of Kentucky recognizes only Judicial Process foreclosure, meaning that the holder of the mortgage must go to court and prove that the homeowner is in default of the loan. The mortgage company's attorney then tries to resolve the problem and, failing that, files a lawsuit against the homeowner. This process can take up to a year, giving the homeowner time to refinance or otherwise take care of the debt.

Kentucky foreclosures are non-recourse, so that the lender can only seize the collateral (the home) and the borrower has no further obligation to the mortgage holder, once the property has been taken by the lender.

 

Grandstand Crowd at the Kentucky Derby.