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 | Butler County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $91,000 | $126,174 | $242,182 |
| Price Trend (Annual %) | 67.2% | 5.3% | 8.2% |
| Median Gross Rent | $687 | $933 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Butler County is about 28% lower than in Kentucky. Rent is about 26% 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 Butler County, up about 67.2% and 2.9% a year respectively. Home prices are changing faster.
Median rent in Butler County rose about 29.0% between 2015 and 2023, from $533 to $687. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Butler County.
Buying the median-priced home in Butler County costs roughly 11.0 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 Butler County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Butler County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $91,000 | $126,174 | $242,182 |
| Median Household Income | $51,752 | $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 Butler County rose about 21.2%, while median household income rose about 56.7% 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 | Butler County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.2% | 60.9% | 58.2% |
| Rental Rate | 22.5% | 28.3% | 31.3% |
| Vacancy Rate | 16.4% | 10.9% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Butler County has a homeownership rate of 61.2%, about the same as the Kentucky average of 60.9%. Its housing vacancy rate is 16.4%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Butler County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.67 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Butler County was built around 1984. On average, 2.7 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Butler County, Kentucky.
What is the median home price in Butler County, Kentucky?
The median home price in Butler County, Kentucky is $91,000, lower than the Kentucky average of $126,174.
What is the average home price in Butler 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 Butler County, Kentucky?
The median gross rent in Butler County, Kentucky is $687 per month, lower than the Kentucky average of $933.
What was the median gross rent in Butler County in 2020?
In 2020, the median gross rent in Butler County, Kentucky was $604 per month.
What is the price-to-rent ratio in Butler County, Kentucky?
The price-to-rent ratio in Butler County, Kentucky is about 11.0, meaning it would take roughly 11.0 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 Butler County.
Are home prices or rent rising faster in Butler County, Kentucky?
Both home prices and rent are rising in Butler County, up about 67.2% and 2.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Butler County, Kentucky?
61.2% of households in Butler County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Butler County, Kentucky?
The housing vacancy rate in Butler County, Kentucky is 16.4%, higher than the Kentucky average of 10.9%.