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 | Clay County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $43,333 | $126,174 | $242,182 |
| Price Trend (Annual %) | 7.9% | 5.3% | 8.2% |
| Median Gross Rent | $697 | $933 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 66% 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 Clay County, up about 7.9% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Clay County rose about 47.4% between 2015 and 2023, from $473 to $697. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 5.2 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 Clay County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Clay County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $43,333 | $126,174 | $242,182 |
| Median Household Income | $39,605 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clay County fell about 47.8%, while median household income rose about 77.8% 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 | Clay County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.4% | 60.9% | 58.2% |
| Rental Rate | 18.6% | 28.3% | 31.3% |
| Vacancy Rate | 16.9% | 10.9% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Clay County has a homeownership rate of 64.4%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 16.9%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Clay County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1988 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Clay County was built around 1988. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, Kentucky.
What is the median home price in Clay County, Kentucky?
The median home price in Clay County, Kentucky is $43,333, lower than the Kentucky average of $126,174.
What is the average home price in Clay 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 Clay County, Kentucky?
The median gross rent in Clay County, Kentucky is $697 per month, lower than the Kentucky average of $933.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, Kentucky was $535 per month.
What is the price-to-rent ratio in Clay County, Kentucky?
The price-to-rent ratio in Clay County, Kentucky is about 5.2, meaning it would take roughly 5.2 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 Clay County.
Are home prices or rent rising faster in Clay County, Kentucky?
Both home prices and rent are rising in Clay County, up about 7.9% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clay County, Kentucky?
64.4% of households in Clay County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Clay County, Kentucky?
The housing vacancy rate in Clay County, Kentucky is 16.9%, higher than the Kentucky average of 10.9%.