Florence, Kentucky Housing Market Prices
Florence 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 36% above the Kentucky median$160,710
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Median rent 33% above the Kentucky median$1,281
Housing Market Overview
| Metric | Florence | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $160,710 | $118,017 | $248,835 |
| Price Trend (Annual %) | 79.1% | 3.8% | 7.5% |
| Median Gross Rent | $1,281 | $967 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Florence is about 36% higher than in Kentucky. Rent is about 33% 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 Florence, up about 79.1% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Florence rose about 58.5% between 2015 and 2024, from $808 to $1,281. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Florence.
Buying the median-priced home in Florence 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 Florence. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Florence | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $160,710 | $118,017 | $248,835 |
| Median Household Income | $69,982 | $64,312 | $80,455 |
| Price-to-Income Ratio | 2.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Florence rose about 81.7%, while median household income rose about 30.5% between 2009 and 2025 — 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 | Florence | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.1% | 61.3% | 58.5% |
| Rental Rate | 39.5% | 28.4% | 31.2% |
| Vacancy Rate | 4.5% | 10.3% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Florence has a homeownership rate of 56.1%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 4.5%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Florence | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Florence was built around 1984. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Florence, Kentucky.
What is the median home price in Florence, Kentucky?
The median home price in Florence, Kentucky is $160,710, higher than the Kentucky average of $118,017.
What is the average home price in Florence, Kentucky?
The typical home price in Florence, Kentucky, reported as the median sale price, is $160,710. 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 Florence, Kentucky?
The median gross rent in Florence, Kentucky is $1,281 per month, higher than the Kentucky average of $967.
What was the median gross rent in Florence in 2020?
In 2020, the median gross rent in Florence, Kentucky was $929 per month.
What is the price-to-rent ratio in Florence, Kentucky?
The price-to-rent ratio in Florence, 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 Florence.
Are home prices or rent rising faster in Florence, Kentucky?
Both home prices and rent are rising in Florence, up about 79.1% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Florence, Kentucky?
56.1% of households in Florence, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Florence, Kentucky?
The housing vacancy rate in Florence, Kentucky is 4.5%, lower than the Kentucky average of 10.3%.
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