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 | Bullitt County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $173,475 | $126,174 | $242,182 |
| Price Trend (Annual %) | 8.8% | 5.3% | 8.2% |
| Median Gross Rent | $972 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bullitt County is about 37% higher than in Kentucky. Rent is about 4% higher 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 Bullitt County, up about 8.8% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Bullitt County rose about 26.4% between 2015 and 2023, from $769 to $972. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Bullitt County.
Buying the median-priced home in Bullitt County costs roughly 14.9 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 Bullitt County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Bullitt County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $173,475 | $126,174 | $242,182 |
| Median Household Income | $79,413 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bullitt County rose about 74.0%, while median household income rose about 50.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bullitt County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.4% | 60.9% | 58.2% |
| Rental Rate | 15.2% | 28.3% | 31.3% |
| Vacancy Rate | 5.4% | 10.9% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Bullitt County has a homeownership rate of 79.4%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 5.4%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Bullitt County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1988 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Bullitt County was built around 1988. On average, 2.6 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 Bullitt County, Kentucky.
What is the median home price in Bullitt County, Kentucky?
The median home price in Bullitt County, Kentucky is $173,475, higher than the Kentucky average of $126,174.
What is the average home price in Bullitt 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 Bullitt County, Kentucky?
The median gross rent in Bullitt County, Kentucky is $972 per month, higher than the Kentucky average of $933.
What was the median gross rent in Bullitt County in 2020?
In 2020, the median gross rent in Bullitt County, Kentucky was $849 per month.
What is the price-to-rent ratio in Bullitt County, Kentucky?
The price-to-rent ratio in Bullitt County, Kentucky is about 14.9, meaning it would take roughly 14.9 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 Bullitt County.
Are home prices or rent rising faster in Bullitt County, Kentucky?
Both home prices and rent are rising in Bullitt County, up about 8.8% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bullitt County, Kentucky?
79.4% of households in Bullitt County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Bullitt County, Kentucky?
The housing vacancy rate in Bullitt County, Kentucky is 5.4%, lower than the Kentucky average of 10.9%.