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 | Grant County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,096 | $126,174 | $242,182 |
| Price Trend (Annual %) | 174.3% | 5.3% | 8.2% |
| Median Gross Rent | $855 | $933 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grant County is about 48% higher than in Kentucky. Rent is about 8% 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 Grant County, up about 174.3% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Grant County rose about 19.7% between 2015 and 2023, from $714 to $855. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Grant County.
Buying the median-priced home in Grant County costs roughly 18.2 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Grant County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Grant County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,096 | $126,174 | $242,182 |
| Median Household Income | $67,801 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Grant County rose about 150.9%, while median household income rose about 59.0% 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 | Grant County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.9% | 60.9% | 58.2% |
| Rental Rate | 23.8% | 28.3% | 31.3% |
| Vacancy Rate | 9.3% | 10.9% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Grant County has a homeownership rate of 66.9%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 9.3%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Grant County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.70 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1989 | 1981 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Grant County was built around 1989. On average, 2.7 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 Grant County, Kentucky.
What is the median home price in Grant County, Kentucky?
The median home price in Grant County, Kentucky is $187,096, higher than the Kentucky average of $126,174.
What is the average home price in Grant 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 Grant County, Kentucky?
The median gross rent in Grant County, Kentucky is $855 per month, lower than the Kentucky average of $933.
What was the median gross rent in Grant County in 2020?
In 2020, the median gross rent in Grant County, Kentucky was $726 per month.
What is the price-to-rent ratio in Grant County, Kentucky?
The price-to-rent ratio in Grant County, Kentucky is about 18.2, meaning it would take roughly 18.2 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Grant County.
Are home prices or rent rising faster in Grant County, Kentucky?
Both home prices and rent are rising in Grant County, up about 174.3% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Grant County, Kentucky?
66.9% of households in Grant County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Grant County, Kentucky?
The housing vacancy rate in Grant County, Kentucky is 9.3%, lower than the Kentucky average of 10.9%.