With the world-famous Kentucky Derby, bluegrass rolling hills, bourbon trails and distillery tours, historic sites, and the Red River Gorge, Kentucky has plenty to offer its residents. If Kentucky sounds like the right state for you, you might also be wondering about cities that fit your budget. For example: Kentucky median home sale price As of July, it was $268,200.
If that price isn’t in your budget, don’t worry: we’ll help you find the house or apartment that’s right for you. Redfin has compiled a list of the 5 most affordable places to live in Kentucky, and they all have a median home sale price below the state average. Hopkinsville To CovingtonSee which cities are on the list.
1st place: Owensboro
Average home price: $196,500
Average sales price per square foot: $146
Median household income: $47,411
Nearest major subway stations: Evansville, Indiana (40 miles)
Homes for Sale in Owensboro, Kentucky
Apartments for Rent in Owensboro, Kentucky
With an average home price of $196,500, Owensboro is ranked the #1 city in Kentucky to live in. With a population of 60,200, Owensboro offers great access to the Western Kentucky Botanical Garden, Bluegrass Music Hall of Fame and Museumcheck out downtown Owensboro.
2nd place: Hopkinsville
Average home price: $230,000
Average sales price per square foot: $140
Median household income: $40,442
Nearest major subway stations: Bowling Green (60 miles)
Homes for Sale in Hopkinsville, Kentucky
Apartments for Rent in Hopkinsville, Kentucky
The second cheapest city to live in Kentucky is Hopkinsville. Located about 60 miles from the nearest major city, Bowling Green, Hopkinsville is home to approximately 31,000 people. Living in Hopkinsville allows you to walk the trails that are part of the Hopkinsville Greenway System, check out the downtown area, and explore the Jeffers Bend Environmental Center.
3rd place: Florence
Average home price: $235,875
Average sales price per square foot: $187
Average rent for a one-bedroom apartment: $923
Median household income: $67,352
Nearest major subway stations: Cincinnati (10 miles)
Homes for Sale in Florence, Kentucky
Apartments for Rent in Florence, Kentucky
Our next city on the list is Florence, located in Northern Kentucky. With a population of about 32,900, Florence is just 10 miles northeast of Cincinnati, making it a great choice if you want to live close to the city. Florence has plenty to explore, including South Fork Park, Turfway Park Racing & Gaming, and local restaurants. The city’s close proximity to the Cincinnati/Northern Kentucky International Airport makes it a great area for frequent travelers.
4th place: Covington
Average home price: $239,500
Average sales price per square foot: $189
Median household income: $47,917
Nearest major subway stations: Cincinnati, Ohio (2 miles)
Covington, KY Homes for Sale
Apartments for Rent in Covington, KY
Coming in fourth is Covington, currently home to about 40,400 residents. The median home sale price is $239,500, about $30,000 less than the median home sale price in Kentucky. If you decide to move here, you’ll enjoy the scenic overlooks, trails, and Behringer Crawford MuseumVisit local shops and restaurants in downtown Covington and enjoy views of the Ohio River.
5. Louisville
Average home price: $261,000
Average sales price per square foot: $160
Average rent for a one-bedroom apartment: $1,109
Homes for Sale in Louisville, Kentucky
Apartments for Rent in Louisville, Kentucky
The last city on our list is Louisville, which is a little more expensive than Covington. Louisville has a population of about 622,900 and has a lot of great attractions to explore within the city. For example: Louisville Slugger Museum & Factory, Kentucky Science Center, Old Forester Distilling Companyand Conrad Caldwell House MuseumYou can also take a stroll along the Louisville Riverwalk, explore the picturesque Jefferson Memorial Forest, or catch a show at the Louisville Palace Theatre.
methodology: All cities must have a population of 30,000 or more residents according to the U.S. Census and a median home sale price below the Kentucky median home sale price. The median home sale price and sale price per square foot are: Redfin Data Centers July 2024. Average rental data Rent.com July 2023. The population and median household income are U.S. Census Bureau.
