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 | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,000 | $126,174 | $242,182 |
| Price Trend (Annual %) | 14.8% | 5.3% | 8.2% |
| Median Gross Rent | $633 | $933 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Magoffin County is about 102% higher than in Kentucky. Rent is about 32% 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 Magoffin County, up about 14.8% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Magoffin County rose about 32.4% between 2015 and 2023, from $478 to $633. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 7.7 yearly household incomes in Magoffin County.
Buying the median-priced home in Magoffin County costs roughly 33.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Magoffin County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,000 | $126,174 | $242,182 |
| Median Household Income | $32,928 | $62,784 | $78,145 |
| Price-to-Income Ratio | 7.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Magoffin County rose about 1624.1%, while median household income rose about 68.5% 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 | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.7% | 60.9% | 58.2% |
| Rental Rate | 18.8% | 28.3% | 31.3% |
| Vacancy Rate | 16.5% | 10.9% | 10.6% |
| Median Tenure (years) | 21.0 | 15.0 | 15.0 |
| Median Year Moved In | 2005 | 2011 | 2011 |
Magoffin County has a homeownership rate of 64.7%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 16.5%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1985 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Magoffin County was built around 1985. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Magoffin County, Kentucky.
What is the median home price in Magoffin County, Kentucky?
The median home price in Magoffin County, Kentucky is $255,000, higher than the Kentucky average of $126,174.
What is the average home price in Magoffin 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 Magoffin County, Kentucky?
The median gross rent in Magoffin County, Kentucky is $633 per month, lower than the Kentucky average of $933.
What was the median gross rent in Magoffin County in 2020?
In 2020, the median gross rent in Magoffin County, Kentucky was $603 per month.
What is the price-to-rent ratio in Magoffin County, Kentucky?
The price-to-rent ratio in Magoffin County, Kentucky is about 33.6, meaning it would take roughly 33.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Magoffin County.
Are home prices or rent rising faster in Magoffin County, Kentucky?
Both home prices and rent are rising in Magoffin County, up about 14.8% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Magoffin County, Kentucky?
64.7% of households in Magoffin County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Magoffin County, Kentucky?
The housing vacancy rate in Magoffin County, Kentucky is 16.5%, higher than the Kentucky average of 10.9%.