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 | Boyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $107,715 | $126,174 | $242,182 |
| Price Trend (Annual %) | 7.2% | 5.3% | 8.2% |
| Median Gross Rent | $839 | $933 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Boyd County is about 15% lower than in Kentucky. Rent is about 10% 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 Boyd County, up about 7.2% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Boyd County rose about 34.2% between 2015 and 2023, from $625 to $839. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Boyd County.
Buying the median-priced home in Boyd County costs roughly 10.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Boyd County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Boyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $107,715 | $126,174 | $242,182 |
| Median Household Income | $60,887 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Boyd County rose about 45.3%, while median household income rose about 55.4% 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 | Boyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.8% | 60.9% | 58.2% |
| Rental Rate | 27.7% | 28.3% | 31.3% |
| Vacancy Rate | 12.5% | 10.9% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Boyd County has a homeownership rate of 59.8%, lower than the Kentucky average of 60.9%. Its housing vacancy rate is 12.5%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Boyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1971 | 1981 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Boyd County was built around 1971. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Boyd County, Kentucky.
What is the median home price in Boyd County, Kentucky?
The median home price in Boyd County, Kentucky is $107,715, lower than the Kentucky average of $126,174.
What is the average home price in Boyd 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 Boyd County, Kentucky?
The median gross rent in Boyd County, Kentucky is $839 per month, lower than the Kentucky average of $933.
What was the median gross rent in Boyd County in 2020?
In 2020, the median gross rent in Boyd County, Kentucky was $693 per month.
What is the price-to-rent ratio in Boyd County, Kentucky?
The price-to-rent ratio in Boyd County, Kentucky is about 10.7, meaning it would take roughly 10.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Boyd County.
Are home prices or rent rising faster in Boyd County, Kentucky?
Both home prices and rent are rising in Boyd County, up about 7.2% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Boyd County, Kentucky?
59.8% of households in Boyd County, Kentucky own their home, lower than the Kentucky average of 60.9%.
What is the vacancy rate in Boyd County, Kentucky?
The housing vacancy rate in Boyd County, Kentucky is 12.5%, higher than the Kentucky average of 10.9%.