Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Allen County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,860 | $126,174 | $242,182 |
| Price Trend (Annual %) | 1.4% | 5.3% | 8.2% |
| Median Gross Rent | $749 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Allen County is about 8% higher than in Kentucky. Rent is about 20% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Allen County, up about 1.4% and 3.3% a year respectively. Rent is changing faster.
Median rent in Allen County rose about 27.5% between 2015 and 2023, from $587 to $749. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Allen County.
Buying the median-priced home in Allen County costs roughly 15.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Allen County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Allen County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,860 | $126,174 | $242,182 |
| Median Household Income | $58,977 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Allen County rose about 0.2%, while median household income rose about 74.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Allen County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.1% | 60.9% | 58.2% |
| Rental Rate | 19.7% | 28.3% | 31.3% |
| Vacancy Rate | 15.2% | 10.9% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Allen County has a homeownership rate of 65.1%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 15.2%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Allen County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1987 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Allen County was built around 1987. On average, 2.7 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Allen County, Kentucky.
What is the median home price in Allen County, Kentucky?
The median home price in Allen County, Kentucky is $135,860, higher than the Kentucky average of $126,174.
What is the average home price in Allen County, Kentucky?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Allen County, Kentucky?
The median gross rent in Allen County, Kentucky is $749 per month, lower than the Kentucky average of $933.
What was the median gross rent in Allen County in 2020?
In 2020, the median gross rent in Allen County, Kentucky was $679 per month.
What is the price-to-rent ratio in Allen County, Kentucky?
The price-to-rent ratio in Allen County, Kentucky is about 15.1, meaning it would take roughly 15.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Allen County.
Are home prices or rent rising faster in Allen County, Kentucky?
Both home prices and rent are rising in Allen County, up about 1.4% and 3.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Allen County, Kentucky?
65.1% of households in Allen County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Allen County, Kentucky?
The housing vacancy rate in Allen County, Kentucky is 15.2%, higher than the Kentucky average of 10.9%.