Lexington-Fayette, Kentucky Housing Market Prices
Lexington-Fayette 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 24% above the Kentucky median$145,827
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Median rent 20% above the Kentucky median$1,163
Housing Market Overview
| Metric | Lexington-Fayette | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,827 | $118,017 | $248,835 |
| Price Trend (Annual %) | 2.0% | 3.8% | 7.5% |
| Median Gross Rent | $1,163 | $967 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lexington-Fayette is about 24% higher than in Kentucky. Rent is about 20% higher 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 Lexington-Fayette, up about 2.0% and 4.9% a year respectively. Rent is changing faster.
Median rent in Lexington-Fayette rose about 49.7% between 2015 and 2024, from $777 to $1,163. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Lexington-Fayette.
Buying the median-priced home in Lexington-Fayette costs roughly 10.5 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 Lexington-Fayette. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Lexington-Fayette | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,827 | $118,017 | $248,835 |
| Median Household Income | $70,277 | $64,312 | $80,455 |
| Price-to-Income Ratio | 2.1 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lexington-Fayette rose about 10.2%, while median household income rose about 44.6% between 2009 and 2025 — 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 | Lexington-Fayette | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.4% | 61.3% | 58.5% |
| Rental Rate | 43.4% | 28.4% | 31.2% |
| Vacancy Rate | 6.2% | 10.3% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Lexington-Fayette has a homeownership rate of 50.4%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 6.2%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Lexington-Fayette | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1982 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Lexington-Fayette was built around 1982. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lexington-Fayette, Kentucky.
What is the median home price in Lexington-Fayette, Kentucky?
The median home price in Lexington-Fayette, Kentucky is $145,827, higher than the Kentucky average of $118,017.
What is the average home price in Lexington-Fayette, Kentucky?
The typical home price in Lexington-Fayette, Kentucky, reported as the median sale price, is $145,827. 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 Lexington-Fayette, Kentucky?
The median gross rent in Lexington-Fayette, Kentucky is $1,163 per month, higher than the Kentucky average of $967.
What was the median gross rent in Lexington-Fayette in 2020?
In 2020, the median gross rent in Lexington-Fayette, Kentucky was $920 per month.
What is the price-to-rent ratio in Lexington-Fayette, Kentucky?
The price-to-rent ratio in Lexington-Fayette, Kentucky is about 10.5, meaning it would take roughly 10.5 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 Lexington-Fayette.
Are home prices or rent rising faster in Lexington-Fayette, Kentucky?
Both home prices and rent are rising in Lexington-Fayette, up about 2.0% and 4.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Lexington-Fayette, Kentucky?
50.4% of households in Lexington-Fayette, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Lexington-Fayette, Kentucky?
The housing vacancy rate in Lexington-Fayette, Kentucky is 6.2%, lower than the Kentucky average of 10.3%.
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