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 | Hart County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $92,174 | $126,174 | $242,182 |
| Price Trend (Annual %) | 190.3% | 5.3% | 8.2% |
| Median Gross Rent | $691 | $933 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hart County is about 27% lower than in Kentucky. Rent is about 26% 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 Hart County, up about 190.3% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Hart County rose about 39.0% between 2015 and 2023, from $497 to $691. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Hart County.
Buying the median-priced home in Hart County costs roughly 11.1 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 Hart County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Hart County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $92,174 | $126,174 | $242,182 |
| Median Household Income | $49,611 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hart County rose about 163.3%, while median household income rose about 66.7% 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 | Hart County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.9% | 60.9% | 58.2% |
| Rental Rate | 21.4% | 28.3% | 31.3% |
| Vacancy Rate | 18.7% | 10.9% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Hart County has a homeownership rate of 59.9%, lower than the Kentucky average of 60.9%. Its housing vacancy rate is 18.7%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Hart County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Hart County was built around 1984. On average, 2.7 people live in a home with about 5.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hart County, Kentucky.
What is the median home price in Hart County, Kentucky?
The median home price in Hart County, Kentucky is $92,174, lower than the Kentucky average of $126,174.
What is the average home price in Hart 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 Hart County, Kentucky?
The median gross rent in Hart County, Kentucky is $691 per month, lower than the Kentucky average of $933.
What was the median gross rent in Hart County in 2020?
In 2020, the median gross rent in Hart County, Kentucky was $559 per month.
What is the price-to-rent ratio in Hart County, Kentucky?
The price-to-rent ratio in Hart County, Kentucky is about 11.1, meaning it would take roughly 11.1 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 Hart County.
Are home prices or rent rising faster in Hart County, Kentucky?
Both home prices and rent are rising in Hart County, up about 190.3% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hart County, Kentucky?
59.9% of households in Hart County, Kentucky own their home, lower than the Kentucky average of 60.9%.
What is the vacancy rate in Hart County, Kentucky?
The housing vacancy rate in Hart County, Kentucky is 18.7%, higher than the Kentucky average of 10.9%.