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 | Lewis County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $43,483 | $126,174 | $242,182 |
| Price Trend (Annual %) | 14.5% | 5.3% | 8.2% |
| Median Gross Rent | $757 | $933 | $1,342 |
| Rent Trend (Annual %) | 9.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lewis County is about 66% lower than in Kentucky. Rent is about 19% 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 Lewis County, up about 14.5% and 9.4% a year respectively. Home prices are changing faster.
Median rent in Lewis County rose about 73.0% between 2015 and 2023, from $438 to $757. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Lewis County.
Buying the median-priced home in Lewis County costs roughly 4.8 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 Lewis County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Lewis County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $43,483 | $126,174 | $242,182 |
| Median Household Income | $42,559 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lewis County rose about 109.6%, while median household income rose about 64.9% 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 | Lewis County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.8% | 60.9% | 58.2% |
| Rental Rate | 17.0% | 28.3% | 31.3% |
| Vacancy Rate | 19.2% | 10.9% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Lewis County has a homeownership rate of 63.8%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 19.2%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Lewis County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1979 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Lewis County was built around 1979. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lewis County, Kentucky.
What is the median home price in Lewis County, Kentucky?
The median home price in Lewis County, Kentucky is $43,483, lower than the Kentucky average of $126,174.
What is the average home price in Lewis 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 Lewis County, Kentucky?
The median gross rent in Lewis County, Kentucky is $757 per month, lower than the Kentucky average of $933.
What was the median gross rent in Lewis County in 2020?
In 2020, the median gross rent in Lewis County, Kentucky was $491 per month.
What is the price-to-rent ratio in Lewis County, Kentucky?
The price-to-rent ratio in Lewis County, Kentucky is about 4.8, meaning it would take roughly 4.8 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 Lewis County.
Are home prices or rent rising faster in Lewis County, Kentucky?
Both home prices and rent are rising in Lewis County, up about 14.5% and 9.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lewis County, Kentucky?
63.8% of households in Lewis County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Lewis County, Kentucky?
The housing vacancy rate in Lewis County, Kentucky is 19.2%, higher than the Kentucky average of 10.9%.