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 | Hopkins County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $133,355 | $126,174 | $242,182 |
| Price Trend (Annual %) | 13.2% | 5.3% | 8.2% |
| Median Gross Rent | $840 | $933 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hopkins County is about 6% higher than in Kentucky. Rent is about 10% 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 Hopkins County, up about 13.2% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Hopkins County rose about 42.1% between 2015 and 2023, from $591 to $840. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Hopkins County.
Buying the median-priced home in Hopkins County costs roughly 13.2 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 Hopkins County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Hopkins County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $133,355 | $126,174 | $242,182 |
| Median Household Income | $57,760 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hopkins County rose about 75.5%, while median household income rose about 47.2% 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 | Hopkins County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.2% | 60.9% | 58.2% |
| Rental Rate | 24.5% | 28.3% | 31.3% |
| Vacancy Rate | 13.3% | 10.9% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Hopkins County has a homeownership rate of 62.2%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 13.3%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Hopkins County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1976 | 1981 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Hopkins County was built around 1976. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hopkins County, Kentucky.
What is the median home price in Hopkins County, Kentucky?
The median home price in Hopkins County, Kentucky is $133,355, higher than the Kentucky average of $126,174.
What is the average home price in Hopkins 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 Hopkins County, Kentucky?
The median gross rent in Hopkins County, Kentucky is $840 per month, lower than the Kentucky average of $933.
What was the median gross rent in Hopkins County in 2020?
In 2020, the median gross rent in Hopkins County, Kentucky was $744 per month.
What is the price-to-rent ratio in Hopkins County, Kentucky?
The price-to-rent ratio in Hopkins County, Kentucky is about 13.2, meaning it would take roughly 13.2 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 Hopkins County.
Are home prices or rent rising faster in Hopkins County, Kentucky?
Both home prices and rent are rising in Hopkins County, up about 13.2% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hopkins County, Kentucky?
62.2% of households in Hopkins County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Hopkins County, Kentucky?
The housing vacancy rate in Hopkins County, Kentucky is 13.3%, higher than the Kentucky average of 10.9%.