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 | Elliott County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $9,391 | $126,174 | $242,182 |
| Price Trend (Annual %) | -16.5% | 5.3% | 8.2% |
| Median Gross Rent | $426 | $933 | $1,342 |
| Rent Trend (Annual %) | -0.3% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elliott County is about 93% lower than in Kentucky. Rent is about 54% 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 falling in Elliott County, down about 16.5% and 0.3% a year respectively. Home prices are changing faster.
Median rent in Elliott County fell about 4.1% between 2015 and 2023, from $444 to $426. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 0.2 yearly household incomes in Elliott County.
Buying the median-priced home in Elliott County costs roughly 1.8 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 Elliott County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Elliott County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $9,391 | $126,174 | $242,182 |
| Median Household Income | $40,110 | $62,784 | $78,145 |
| Price-to-Income Ratio | 0.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elliott County fell about 88.1%, while median household income rose about 65.2% 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 | Elliott County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.2% | 60.9% | 58.2% |
| Rental Rate | 12.5% | 28.3% | 31.3% |
| Vacancy Rate | 25.3% | 10.9% | 10.6% |
| Median Tenure (years) | 22.0 | 15.0 | 15.0 |
| Median Year Moved In | 2004 | 2011 | 2011 |
Elliott County has a homeownership rate of 62.2%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 25.3%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Elliott County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.68 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1985 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Elliott County was built around 1985. On average, 2.7 people live in a home with about 5.5 rooms, staying for about 22.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elliott County, Kentucky.
What is the median home price in Elliott County, Kentucky?
The median home price in Elliott County, Kentucky is $9,391, lower than the Kentucky average of $126,174.
What is the average home price in Elliott 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 Elliott County, Kentucky?
The median gross rent in Elliott County, Kentucky is $426 per month, lower than the Kentucky average of $933.
What was the median gross rent in Elliott County in 2020?
In 2020, the median gross rent in Elliott County, Kentucky was $801 per month.
What is the price-to-rent ratio in Elliott County, Kentucky?
The price-to-rent ratio in Elliott County, Kentucky is about 1.8, meaning it would take roughly 1.8 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 Elliott County.
Are home prices or rent rising faster in Elliott County, Kentucky?
Both home prices and rent are falling in Elliott County, down about 16.5% and 0.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elliott County, Kentucky?
62.2% of households in Elliott County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Elliott County, Kentucky?
The housing vacancy rate in Elliott County, Kentucky is 25.3%, higher than the Kentucky average of 10.9%.