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 | Garrard County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $410,000 | $126,174 | $242,182 |
| Price Trend (Annual %) | 96.5% | 5.3% | 8.2% |
| Median Gross Rent | $792 | $933 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garrard County is about 225% higher than in Kentucky. Rent is about 15% 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 Garrard County, up about 96.5% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Garrard County rose about 25.9% between 2015 and 2023, from $629 to $792. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Garrard County.
Buying the median-priced home in Garrard County costs roughly 43.1 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 Garrard County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Garrard County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $410,000 | $126,174 | $242,182 |
| Median Household Income | $61,741 | $62,784 | $78,145 |
| Price-to-Income Ratio | 6.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garrard County rose about 256.0%, while median household income rose about 65.2% 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 | Garrard County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.7% | 60.9% | 58.2% |
| Rental Rate | 18.4% | 28.3% | 31.3% |
| Vacancy Rate | 8.9% | 10.9% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Garrard County has a homeownership rate of 72.7%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 8.9%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Garrard County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Garrard County was built around 1984. On average, 2.6 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garrard County, Kentucky.
What is the median home price in Garrard County, Kentucky?
The median home price in Garrard County, Kentucky is $410,000, higher than the Kentucky average of $126,174.
What is the average home price in Garrard 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 Garrard County, Kentucky?
The median gross rent in Garrard County, Kentucky is $792 per month, lower than the Kentucky average of $933.
What was the median gross rent in Garrard County in 2020?
In 2020, the median gross rent in Garrard County, Kentucky was $717 per month.
What is the price-to-rent ratio in Garrard County, Kentucky?
The price-to-rent ratio in Garrard County, Kentucky is about 43.1, meaning it would take roughly 43.1 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 Garrard County.
Are home prices or rent rising faster in Garrard County, Kentucky?
Both home prices and rent are rising in Garrard County, up about 96.5% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Garrard County, Kentucky?
72.7% of households in Garrard County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Garrard County, Kentucky?
The housing vacancy rate in Garrard County, Kentucky is 8.9%, lower than the Kentucky average of 10.9%.