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 | Menifee County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,832 | $126,174 | $242,182 |
| Price Trend (Annual %) | 17.4% | 5.3% | 8.2% |
| Median Gross Rent | $633 | $933 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Menifee County is about 3% lower 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 Menifee County, up about 17.4% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Menifee County rose about 23.9% between 2015 and 2023, from $511 to $633. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Menifee County.
Buying the median-priced home in Menifee County costs roughly 16.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Menifee County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Menifee County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,832 | $126,174 | $242,182 |
| Median Household Income | $44,595 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Menifee County rose about 121.2%, while median household income rose about 52.0% 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 | Menifee County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.2% | 60.9% | 58.2% |
| Rental Rate | 19.3% | 28.3% | 31.3% |
| Vacancy Rate | 29.5% | 10.9% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Menifee County has a homeownership rate of 51.2%, lower than the Kentucky average of 60.9%. Its housing vacancy rate is 29.5%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Menifee County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1990 | 1981 | 1978 |
| Median Number of Rooms | 5.3 | 5.7 | 5.5 |
The typical housing unit in Menifee County was built around 1990. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Menifee County, Kentucky.
What is the median home price in Menifee County, Kentucky?
The median home price in Menifee County, Kentucky is $121,832, lower than the Kentucky average of $126,174.
What is the average home price in Menifee 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 Menifee County, Kentucky?
The median gross rent in Menifee County, Kentucky is $633 per month, lower than the Kentucky average of $933.
What was the median gross rent in Menifee County in 2020?
In 2020, the median gross rent in Menifee County, Kentucky was $591 per month.
What is the price-to-rent ratio in Menifee County, Kentucky?
The price-to-rent ratio in Menifee County, Kentucky is about 16.0, meaning it would take roughly 16.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Menifee County.
Are home prices or rent rising faster in Menifee County, Kentucky?
Both home prices and rent are rising in Menifee County, up about 17.4% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Menifee County, Kentucky?
51.2% of households in Menifee County, Kentucky own their home, lower than the Kentucky average of 60.9%.
What is the vacancy rate in Menifee County, Kentucky?
The housing vacancy rate in Menifee County, Kentucky is 29.5%, higher than the Kentucky average of 10.9%.