Letcher County, Kentucky Housing Market Prices
Letcher County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 81% below the Kentucky median Cheaper than 92% of counties in Kentucky$22,812
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Median rent 31% below the Kentucky median Cheaper than 82% of counties in Kentucky$669
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Letcher County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $22,812 | $118,017 | $248,835 |
| Price Trend (Annual %) | 15.3% | 3.8% | 7.5% |
| Median Gross Rent | $669 | $967 | $1,407 |
| Rent Trend (Annual %) | 2.7% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Letcher County is about 81% lower than in Kentucky. Rent is about 31% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Letcher County, up about 15.3% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Letcher County rose about 26.1% between 2015 and 2024, from $531 to $669. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Letcher County.
Buying the median-priced home in Letcher County costs roughly 2.8 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 Letcher County. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Letcher County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $22,812 | $118,017 | $248,835 |
| Median Household Income | $41,776 | $64,312 | $80,455 |
| Price-to-Income Ratio | 0.5 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Letcher County rose about 40.0%, while median household income rose about 28.0% between 2009 and 2025 — 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 | Letcher County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.2% | 61.3% | 58.5% |
| Rental Rate | 20.6% | 28.4% | 31.2% |
| Vacancy Rate | 20.2% | 10.3% | 10.2% |
| Median Tenure (years) | 22.0 | 15.0 | 15.0 |
| Median Year Moved In | 2004 | 2011 | 2011 |
Letcher County has a homeownership rate of 59.2%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 20.2%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Letcher County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1977 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Letcher County was built around 1977. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 22.0 years on average.
Letcher County, KY Housing Compared With Nearby Counties
Letcher County, KY is the 4th largest of the 5 counties compared here, 20,808 residents against a local median of 26,635. Where Letcher County, KY breaks from the counties next to it is median home price, sitting 70% below the local median of $76,585 at $22,812.
The counties themselves spread $76,352 on median home price, so Letcher County, KY sits at one end of an already wide local range rather than apart from it. Letcher County, KY has the 5th highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Letcher County, KY | 20,808 | $22,812 #5/5 | $669 #5/5 | 74.1% #2/5 |
| Knott County, KY | 13,830 | $88,234 | $756 | 72.7% |
| Wise County, VA | 35,431 | $64,936 | $789 | 74.2% |
| Perry County, KY | 27,499 | $28,169 | $797 | 70.4% |
| Harlan County, KY | 25,771 | $104,521 | $678 | 71.6% |
Frequently Asked Questions
Common questions about the housing market in Letcher County, Kentucky.
What is the median home price in Letcher County, Kentucky?
The median home price in Letcher County, Kentucky is $22,812, lower than the Kentucky average of $118,017.
What is the average home price in Letcher County, Kentucky?
The typical home price in Letcher County, Kentucky, reported as the median sale price, is $22,812. 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 Letcher County, Kentucky?
The median gross rent in Letcher County, Kentucky is $669 per month, lower than the Kentucky average of $967.
What was the median gross rent in Letcher County in 2020?
In 2020, the median gross rent in Letcher County, Kentucky was $529 per month.
What is the price-to-rent ratio in Letcher County, Kentucky?
The price-to-rent ratio in Letcher County, Kentucky is about 2.8, meaning it would take roughly 2.8 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 Letcher County.
Are home prices or rent rising faster in Letcher County, Kentucky?
Both home prices and rent are rising in Letcher County, up about 15.3% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Letcher County, Kentucky?
59.2% of households in Letcher County, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Letcher County, Kentucky?
The housing vacancy rate in Letcher County, Kentucky is 20.2%, higher than the Kentucky average of 10.3%.
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