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 | Montgomery County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,854 | $126,174 | $242,182 |
| Price Trend (Annual %) | 13.1% | 5.3% | 8.2% |
| Median Gross Rent | $795 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montgomery County is about 46% higher than in Kentucky. Rent is about 15% 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 Montgomery County, up about 13.1% and 3.0% a year respectively. Home prices are changing faster.
Median rent in Montgomery County rose about 23.3% between 2015 and 2023, from $645 to $795. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Montgomery County.
Buying the median-priced home in Montgomery County costs roughly 19.3 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 Montgomery County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Montgomery County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,854 | $126,174 | $242,182 |
| Median Household Income | $58,253 | $62,784 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montgomery County rose about 39.6%, while median household income rose about 69.7% 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 | Montgomery County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.5% | 60.9% | 58.2% |
| Rental Rate | 30.3% | 28.3% | 31.3% |
| Vacancy Rate | 10.3% | 10.9% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Montgomery County has a homeownership rate of 59.5%, lower than the Kentucky average of 60.9%. Its housing vacancy rate is 10.3%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Montgomery County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1982 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Montgomery County was built around 1982. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Montgomery County, Kentucky.
What is the median home price in Montgomery County, Kentucky?
The median home price in Montgomery County, Kentucky is $183,854, higher than the Kentucky average of $126,174.
What is the average home price in Montgomery 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 Montgomery County, Kentucky?
The median gross rent in Montgomery County, Kentucky is $795 per month, lower than the Kentucky average of $933.
What was the median gross rent in Montgomery County in 2020?
In 2020, the median gross rent in Montgomery County, Kentucky was $696 per month.
What is the price-to-rent ratio in Montgomery County, Kentucky?
The price-to-rent ratio in Montgomery County, Kentucky is about 19.3, meaning it would take roughly 19.3 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 Montgomery County.
Are home prices or rent rising faster in Montgomery County, Kentucky?
Both home prices and rent are rising in Montgomery County, up about 13.1% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Montgomery County, Kentucky?
59.5% of households in Montgomery County, Kentucky own their home, lower than the Kentucky average of 60.9%.
What is the vacancy rate in Montgomery County, Kentucky?
The housing vacancy rate in Montgomery County, Kentucky is 10.3%, lower than the Kentucky average of 10.9%.