Fayette County, Kentucky Housing Market Prices
Fayette County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 24% above the Kentucky median$145,827
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Median rent 20% above the Kentucky median Among the 5 most expensive counties in Kentucky$1,163
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Fayette County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,827 | $118,017 | $248,835 |
| Price Trend (Annual %) | 2.0% | 3.8% | 7.5% |
| Median Gross Rent | $1,163 | $967 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fayette County is about 24% higher than in Kentucky. Rent is about 20% higher than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Fayette County, up about 2.0% and 4.9% a year respectively. Rent is changing faster.
Median rent in Fayette County rose about 49.7% between 2015 and 2024, from $777 to $1,163. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Fayette County.
Buying the median-priced home in Fayette County costs roughly 10.5 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 Fayette County. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Fayette County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,827 | $118,017 | $248,835 |
| Median Household Income | $70,277 | $64,312 | $80,455 |
| Price-to-Income Ratio | 2.1 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Fayette County rose about 10.2%, while median household income rose about 44.6% between 2009 and 2025 — 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 | Fayette County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.4% | 61.3% | 58.5% |
| Rental Rate | 43.4% | 28.4% | 31.2% |
| Vacancy Rate | 6.2% | 10.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Fayette County has a homeownership rate of 50.4%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 6.2%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Fayette County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1981 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Fayette County was built around 1981. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Fayette County, KY Housing Compared With Nearby Counties
Fayette County, KY is the largest of the 4 counties compared here, 323,723 residents against a local median of 37,190. The measure that sets Fayette County, KY apart most is median home price: $145,827, 33% below the local median of $217,279.
Median rent tells the same story from another angle: $1,163 against a local median of $937, 24% above it. The one measure here that carries a verdict is homeownership, and at 24% below the local median it puts Fayette County, KY at the weaker end of the local range. The counties themselves spread $101,088 on median home price, so Fayette County, KY sits at one end of an already wide local range rather than apart from it. Fayette County, KY has the 4th highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Fayette County, KY | 323,723 | $145,827 #4/4 | $1,163 #2/4 | 53.8% #4/4 |
| Scott County, KY | 59,536 | $186,911 | $1,246 | 71.7% |
| Bourbon County, KY | 20,240 | $287,999 | $822 | 63.7% |
| Clark County, KY | 37,190 | $217,279 | $937 | 70.7% |
Frequently Asked Questions
Common questions about the housing market in Fayette County, Kentucky.
What is the median home price in Fayette County, Kentucky?
The median home price in Fayette County, Kentucky is $145,827, higher than the Kentucky average of $118,017.
What is the average home price in Fayette County, Kentucky?
The typical home price in Fayette County, Kentucky, reported as the median sale price, is $145,827. 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 Fayette County, Kentucky?
The median gross rent in Fayette County, Kentucky is $1,163 per month, higher than the Kentucky average of $967.
What was the median gross rent in Fayette County in 2020?
In 2020, the median gross rent in Fayette County, Kentucky was $920 per month.
What is the price-to-rent ratio in Fayette County, Kentucky?
The price-to-rent ratio in Fayette County, Kentucky is about 10.5, meaning it would take roughly 10.5 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 Fayette County.
Are home prices or rent rising faster in Fayette County, Kentucky?
Both home prices and rent are rising in Fayette County, up about 2.0% and 4.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Fayette County, Kentucky?
50.4% of households in Fayette County, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Fayette County, Kentucky?
The housing vacancy rate in Fayette County, Kentucky is 6.2%, lower than the Kentucky average of 10.3%.
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