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 | Fleming County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $300,986 | $126,174 | $242,182 |
| Price Trend (Annual %) | 23.1% | 5.3% | 8.2% |
| Median Gross Rent | $676 | $933 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fleming County is about 139% higher than in Kentucky. Rent is about 27% 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 Fleming County, up about 23.1% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Fleming County rose about 36.4% between 2015 and 2023, from $496 to $676. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 6.0 yearly household incomes in Fleming County.
Buying the median-priced home in Fleming County costs roughly 37.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fleming County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Fleming County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $300,986 | $126,174 | $242,182 |
| Median Household Income | $49,785 | $62,784 | $78,145 |
| Price-to-Income Ratio | 6.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fleming County rose about 442.9%, while median household income rose about 63.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Fleming County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.5% | 60.9% | 58.2% |
| Rental Rate | 20.8% | 28.3% | 31.3% |
| Vacancy Rate | 14.7% | 10.9% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Fleming County has a homeownership rate of 64.5%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 14.7%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Fleming County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.62 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1985 | 1981 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Fleming County was built around 1985. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fleming County, Kentucky.
What is the median home price in Fleming County, Kentucky?
The median home price in Fleming County, Kentucky is $300,986, higher than the Kentucky average of $126,174.
What is the average home price in Fleming 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 Fleming County, Kentucky?
The median gross rent in Fleming County, Kentucky is $676 per month, lower than the Kentucky average of $933.
What was the median gross rent in Fleming County in 2020?
In 2020, the median gross rent in Fleming County, Kentucky was $587 per month.
What is the price-to-rent ratio in Fleming County, Kentucky?
The price-to-rent ratio in Fleming County, Kentucky is about 37.1, meaning it would take roughly 37.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fleming County.
Are home prices or rent rising faster in Fleming County, Kentucky?
Both home prices and rent are rising in Fleming County, up about 23.1% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fleming County, Kentucky?
64.5% of households in Fleming County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Fleming County, Kentucky?
The housing vacancy rate in Fleming County, Kentucky is 14.7%, higher than the Kentucky average of 10.9%.