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 | Laurel County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $189,000 | $126,174 | $242,182 |
| Price Trend (Annual %) | 8.5% | 5.3% | 8.2% |
| Median Gross Rent | $789 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Laurel County is about 50% 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 Laurel County, up about 8.5% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Laurel County rose about 36.4% between 2015 and 2023, from $578 to $789. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Laurel County.
Buying the median-priced home in Laurel County costs roughly 20.0 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 Laurel County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Laurel County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $189,000 | $126,174 | $242,182 |
| Median Household Income | $56,864 | $62,784 | $78,145 |
| Price-to-Income Ratio | 3.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Laurel County rose about 80.3%, while median household income rose about 61.2% 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 | Laurel County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.8% | 60.9% | 58.2% |
| Rental Rate | 25.4% | 28.3% | 31.3% |
| Vacancy Rate | 10.7% | 10.9% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Laurel County has a homeownership rate of 63.8%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 10.7%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Laurel County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1988 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Laurel County was built around 1988. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Laurel County, Kentucky.
What is the median home price in Laurel County, Kentucky?
The median home price in Laurel County, Kentucky is $189,000, higher than the Kentucky average of $126,174.
What is the average home price in Laurel 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 Laurel County, Kentucky?
The median gross rent in Laurel County, Kentucky is $789 per month, lower than the Kentucky average of $933.
What was the median gross rent in Laurel County in 2020?
In 2020, the median gross rent in Laurel County, Kentucky was $679 per month.
What is the price-to-rent ratio in Laurel County, Kentucky?
The price-to-rent ratio in Laurel County, Kentucky is about 20.0, meaning it would take roughly 20.0 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 Laurel County.
Are home prices or rent rising faster in Laurel County, Kentucky?
Both home prices and rent are rising in Laurel County, up about 8.5% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Laurel County, Kentucky?
63.8% of households in Laurel County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Laurel County, Kentucky?
The housing vacancy rate in Laurel County, Kentucky is 10.7%, lower than the Kentucky average of 10.9%.