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 | Carter County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,515 | $126,174 | $242,182 |
| Price Trend (Annual %) | 4.9% | 5.3% | 8.2% |
| Median Gross Rent | $701 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carter County is about 53% lower than in Kentucky. Rent is about 25% 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 Carter County, up about 4.9% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Carter County rose about 25.5% between 2015 and 2023, from $559 to $701. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Carter County.
Buying the median-priced home in Carter County costs roughly 7.1 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 Carter County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Carter County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,515 | $126,174 | $242,182 |
| Median Household Income | $50,455 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carter County rose about 41.5%, while median household income rose about 52.1% 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 | Carter County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.2% | 60.9% | 58.2% |
| Rental Rate | 18.2% | 28.3% | 31.3% |
| Vacancy Rate | 15.6% | 10.9% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Carter County has a homeownership rate of 66.2%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 15.6%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Carter County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1985 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Carter County was built around 1985. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carter County, Kentucky.
What is the median home price in Carter County, Kentucky?
The median home price in Carter County, Kentucky is $59,515, lower than the Kentucky average of $126,174.
What is the average home price in Carter 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 Carter County, Kentucky?
The median gross rent in Carter County, Kentucky is $701 per month, lower than the Kentucky average of $933.
What was the median gross rent in Carter County in 2020?
In 2020, the median gross rent in Carter County, Kentucky was $584 per month.
What is the price-to-rent ratio in Carter County, Kentucky?
The price-to-rent ratio in Carter County, Kentucky is about 7.1, meaning it would take roughly 7.1 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 Carter County.
Are home prices or rent rising faster in Carter County, Kentucky?
Both home prices and rent are rising in Carter County, up about 4.9% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Carter County, Kentucky?
66.2% of households in Carter County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Carter County, Kentucky?
The housing vacancy rate in Carter County, Kentucky is 15.6%, higher than the Kentucky average of 10.9%.