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 | Jessamine County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,500 | $126,174 | $242,182 |
| Price Trend (Annual %) | 5.1% | 5.3% | 8.2% |
| Median Gross Rent | $994 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Jessamine County is about 49% higher than in Kentucky. Rent is about 7% higher 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 Jessamine County, up about 5.1% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Jessamine County rose about 29.0% between 2015 and 2023, from $770 to $994. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Jessamine County.
Buying the median-priced home in Jessamine County costs roughly 15.7 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 Jessamine County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Jessamine County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,500 | $126,174 | $242,182 |
| Median Household Income | $74,877 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Jessamine County rose about 41.3%, while median household income rose about 54.2% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Jessamine County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.0% | 60.9% | 58.2% |
| Rental Rate | 28.8% | 28.3% | 31.3% |
| Vacancy Rate | 6.2% | 10.9% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Jessamine County has a homeownership rate of 65.0%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 6.2%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Jessamine County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1990 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Jessamine County was built around 1990. On average, 2.7 people live in a home with about 5.9 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Jessamine County, Kentucky.
What is the median home price in Jessamine County, Kentucky?
The median home price in Jessamine County, Kentucky is $187,500, higher than the Kentucky average of $126,174.
What is the average home price in Jessamine 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 Jessamine County, Kentucky?
The median gross rent in Jessamine County, Kentucky is $994 per month, higher than the Kentucky average of $933.
What was the median gross rent in Jessamine County in 2020?
In 2020, the median gross rent in Jessamine County, Kentucky was $811 per month.
What is the price-to-rent ratio in Jessamine County, Kentucky?
The price-to-rent ratio in Jessamine County, Kentucky is about 15.7, meaning it would take roughly 15.7 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 Jessamine County.
Are home prices or rent rising faster in Jessamine County, Kentucky?
Both home prices and rent are rising in Jessamine County, up about 5.1% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Jessamine County, Kentucky?
65.0% of households in Jessamine County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Jessamine County, Kentucky?
The housing vacancy rate in Jessamine County, Kentucky is 6.2%, lower than the Kentucky average of 10.9%.