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 | Madison County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $115,395 | $126,174 | $242,182 |
| Price Trend (Annual %) | 1.4% | 5.3% | 8.2% |
| Median Gross Rent | $851 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Madison County is about 9% lower than in Kentucky. Rent is about 9% 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 Madison County, up about 1.4% and 3.8% a year respectively. Rent is changing faster.
Median rent in Madison County rose about 31.7% between 2015 and 2023, from $646 to $851. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Madison County.
Buying the median-priced home in Madison County costs roughly 11.3 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 Madison County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Madison County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $115,395 | $126,174 | $242,182 |
| Median Household Income | $63,008 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Madison County rose about 11.4%, while median household income rose about 58.2% 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 | Madison County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.4% | 60.9% | 58.2% |
| Rental Rate | 34.6% | 28.3% | 31.3% |
| Vacancy Rate | 8.0% | 10.9% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Madison County has a homeownership rate of 57.4%, lower than the Kentucky average of 60.9%. Its housing vacancy rate is 8.0%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Madison County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1992 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Madison County was built around 1992. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Madison County, Kentucky.
What is the median home price in Madison County, Kentucky?
The median home price in Madison County, Kentucky is $115,395, lower than the Kentucky average of $126,174.
What is the average home price in Madison 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 Madison County, Kentucky?
The median gross rent in Madison County, Kentucky is $851 per month, lower than the Kentucky average of $933.
What was the median gross rent in Madison County in 2020?
In 2020, the median gross rent in Madison County, Kentucky was $727 per month.
What is the price-to-rent ratio in Madison County, Kentucky?
The price-to-rent ratio in Madison County, Kentucky is about 11.3, meaning it would take roughly 11.3 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 Madison County.
Are home prices or rent rising faster in Madison County, Kentucky?
Both home prices and rent are rising in Madison County, up about 1.4% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Madison County, Kentucky?
57.4% of households in Madison County, Kentucky own their home, lower than the Kentucky average of 60.9%.
What is the vacancy rate in Madison County, Kentucky?
The housing vacancy rate in Madison County, Kentucky is 8.0%, lower than the Kentucky average of 10.9%.