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 | Nelson County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,691 | $126,174 | $242,182 |
| Price Trend (Annual %) | 13.4% | 5.3% | 8.2% |
| Median Gross Rent | $932 | $933 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Nelson County is about 44% higher than in Kentucky. Rent follows a similar pattern, running close to 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 Nelson County, up about 13.4% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Nelson County rose about 32.7% between 2015 and 2023, from $702 to $932. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Nelson County.
Buying the median-priced home in Nelson County costs roughly 16.3 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 Nelson County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Nelson County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,691 | $126,174 | $242,182 |
| Median Household Income | $68,450 | $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 Nelson County rose about 130.7%, while median household income rose about 47.0% 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 | Nelson County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.4% | 60.9% | 58.2% |
| Rental Rate | 21.3% | 28.3% | 31.3% |
| Vacancy Rate | 6.4% | 10.9% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Nelson County has a homeownership rate of 72.4%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 6.4%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Nelson County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1989 | 1981 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Nelson County was built around 1989. On average, 2.5 people live in a home with about 5.8 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Nelson County, Kentucky.
What is the median home price in Nelson County, Kentucky?
The median home price in Nelson County, Kentucky is $181,691, higher than the Kentucky average of $126,174.
What is the average home price in Nelson 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 Nelson County, Kentucky?
The median gross rent in Nelson County, Kentucky is $932 per month, about the same as the Kentucky average.
What was the median gross rent in Nelson County in 2020?
In 2020, the median gross rent in Nelson County, Kentucky was $798 per month.
What is the price-to-rent ratio in Nelson County, Kentucky?
The price-to-rent ratio in Nelson County, Kentucky is about 16.3, meaning it would take roughly 16.3 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 Nelson County.
Are home prices or rent rising faster in Nelson County, Kentucky?
Both home prices and rent are rising in Nelson County, up about 13.4% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Nelson County, Kentucky?
72.4% of households in Nelson County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Nelson County, Kentucky?
The housing vacancy rate in Nelson County, Kentucky is 6.4%, lower than the Kentucky average of 10.9%.