Mercer County, Kentucky Housing Market Prices
Mercer County 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 61% above the Kentucky median More expensive than 81% of counties in Kentucky$190,116
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Median rent 14% below the Kentucky median$830
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Mercer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $190,116 | $118,017 | $248,835 |
| Price Trend (Annual %) | 24.6% | 3.8% | 7.5% |
| Median Gross Rent | $830 | $967 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mercer County is about 61% higher than in Kentucky. Rent is about 14% lower 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 Mercer County, up about 24.6% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Mercer County rose about 43.3% between 2015 and 2024, from $580 to $830. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Mercer County.
Buying the median-priced home in Mercer County costs roughly 19.1 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 Mercer County. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Mercer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $190,116 | $118,017 | $248,835 |
| Median Household Income | $66,328 | $64,312 | $80,455 |
| Price-to-Income Ratio | 2.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mercer County rose about 14.9%, while median household income rose about 37.8% 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 | Mercer County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.6% | 61.3% | 58.5% |
| Rental Rate | 21.1% | 28.4% | 31.2% |
| Vacancy Rate | 12.3% | 10.3% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Mercer County has a homeownership rate of 66.6%, higher than the Kentucky average of 61.3%. Its housing vacancy rate is 12.3%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Mercer County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1983 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Mercer County was built around 1983. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mercer County, Kentucky.
What is the median home price in Mercer County, Kentucky?
The median home price in Mercer County, Kentucky is $190,116, higher than the Kentucky average of $118,017.
What is the average home price in Mercer County, Kentucky?
The typical home price in Mercer County, Kentucky, reported as the median sale price, is $190,116. 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 Mercer County, Kentucky?
The median gross rent in Mercer County, Kentucky is $830 per month, lower than the Kentucky average of $967.
What was the median gross rent in Mercer County in 2020?
In 2020, the median gross rent in Mercer County, Kentucky was $622 per month.
What is the price-to-rent ratio in Mercer County, Kentucky?
The price-to-rent ratio in Mercer County, Kentucky is about 19.1, meaning it would take roughly 19.1 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 Mercer County.
Are home prices or rent rising faster in Mercer County, Kentucky?
Both home prices and rent are rising in Mercer County, up about 24.6% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mercer County, Kentucky?
66.6% of households in Mercer County, Kentucky own their home, higher than the Kentucky average of 61.3%.
What is the vacancy rate in Mercer County, Kentucky?
The housing vacancy rate in Mercer County, Kentucky is 12.3%, higher than the Kentucky average of 10.3%.
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